Domestic demand and components

• December 9, 2021

  Keeping our eyes on inflation

  Speech summary Toni Gravelle Surrey Board of Trade Surrey, British Columbia

  Deputy Governor Toni Gravelle talks about the Bank of Canada’s decision yesterday to leave the policy rate unchanged. He explains the link between supply bottlenecks and high inflation and why the Bank thinks both will ease over time.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector
• December 9, 2021

  Economic progress report: A recovery unlike any other

  Remarks (delivered virtually) Toni Gravelle Surrey Board of Trade Surrey, British Columbia

  Deputy Governor Toni Gravelle provides an economic update and discusses the relationship between supply bottlenecks and inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector

• The COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey

  Staff Working Paper 2021-57 Alexander Hodbod, Cars Hommes, Stefanie J. Huber, Isabelle Salle

  A multi-country consumer survey investigates why and how much households decreased their consumption in five key sectors after pandemic-related restrictions were lifted in Europe in July 2020. Beyond infection risk and precautionary saving motives, households also reported not missing some consumption items, which may indicate preference shifts and structural changes in the post-COVID-19 economy.

  Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Firm dynamics, Fiscal policy, Recent economic and financial developments JEL Code(s): D, D1, D12, D8, D81, D84, E, E2, E21, E6, E60, E7, E71

• Payment Habits During COVID-19: Evidence from High-Frequency Transaction Data

  Staff Working Paper 2021-43 Tatjana Dahlhaus, Angelika Welte

  We examine how consumers have adjusted their payment habits during the COVID-19 pandemic. They seem to perform fewer transactions, spend more in each transaction, use less cash at the point of sale and withdraw cash from ATMs linked to their financial institution more often than from other ATMs.

  Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Payment clearing and settlement systems, Recent economic and financial developments JEL Code(s): C, C2, C22, C5, C55, D, D1, D12, E, E2, E21, E4, E42, E5, E52
• March 11, 2021

  COVID-19, savings and household spending

  Remarks (delivered virtually) Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about the Bank’s latest interest rate announcement and discusses how COVID-19 has affected savings and the outlook household spending.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector
• March 11, 2021

  Household consumption in a pandemic

  Speech summary Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about how COVID-19 has affected household saving and spending patterns and discusses the Bank’s decision yesterday to leave the policy rate unchanged.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector

• The Bank of Canada COVID‑19 stringency index: measuring policy response across provinces

  Staff Analytical Note 2021-1 Calista Cheung, Jerome Lyons, Bethany Madsen, Sarah Miller, Saarah Sheikh

  We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Domestic demand and components, Recent economic and financial developments, Regional economic developments JEL Code(s): E, E2, E20, H, H7, I, I1, I18, R, R1
• June 18, 2020

  Spending patterns in a pandemic

  Speech summary Lawrence L. Schembri Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan

  Deputy Governor Lawrence Schembri explains how household spending has changed because of COVID-19 and discusses why the Bank expects the recovery to have two phases.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Financial institutions, Financial services, Financial stability, Firm dynamics, Fiscal policy, Housing, Inflation and prices, Labour markets, Monetary policy, Recent economic and financial developments, Regional economic developments, Service sector
• June 18, 2020

  Living with limits: household behaviour in Canada in the time of COVID-19

  Remarks (delivered virtually) Lawrence L. Schembri Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan

  Deputy Governor Lawrence Schembri explains how the COVID-19 pandemic has affected household spending and economic activity, and discusses what the recovery is expected to look like.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Financial institutions, Financial services, Financial stability, Firm dynamics, Fiscal policy, Housing, Inflation and prices, Labour markets, Monetary policy, Recent economic and financial developments, Regional economic developments, Service sector
• May 20, 2020

  Decisive actions in difficult times

  Speech summary Timothy Lane CFA Society Winnipeg and the Manitoba Association for Business Economics Winnipeg, Manitoba

  Deputy Governor Timothy Lane talks about the Bank’s decisive actions in response to COVID-19, and how these will help Canadians now and in the future.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration