March 3, 2022
Inflation and prices
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March 3, 2022
Getting inflation back to target
Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to raise its policy interest rate. He explains that after two years of extraordinary stimulus, we are now on a path of rising interest rates. -
The Impact of Globalization and Digitalization on the Phillips Curve
Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation? -
February 9, 2022
The role of Canadian business in fostering non-inflationary growth
Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth. -
February 9, 2022
Producing growth with less inflation
Governor Tiff Macklem discusses how—by investing in technology and people—businesses can help the economy grow more with less inflation. -
On the Wedge Between the PPI and CPI Inflation Indicators
We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy. -
Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach
How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news. -
December 15, 2021
Building on success
Governor Tiff Macklem speaks about the Bank of Canada’s monetary policy framework review and the agreement between the Government of Canada and the Bank to renew the 2 percent inflation target. -
December 15, 2021
Our monetary policy framework: Continuity, clarity and commitment
Governor Tiff Macklem discusses the Bank of Canada’s renewed monetary policy framework. He reviews Canada’s experience with flexible inflation targeting and explains why the Bank and the Government of Canada agreed to renew the 2 percent inflation target. -
December 13, 2021
Monetary Policy Framework Renewal (December 2021)
Commentary and technical data relating to the 2021 renewal.