May 19, 2015
Inflation and prices
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May 14, 2015
Inflation Dynamics in the Post-Crisis Period
Inflation rates in advanced economies experienced two consecutive puzzles during the period following the global financial crisis—unexpectedly high inflation from the end of 2009 to 2011 and unexpectedly low inflation from 2012 to the middle of 2014. We investigate these developments in two ways. First, we show that accounting for inflation expectations by households explains a significant share of the inflation puzzles at the international level. Second, we find that, for Canada, elevated competition in the retail sector is also important for understanding inflation dynamics in the post-crisis period. -
April 15, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report. -
February 24, 2015
Lessons New and Old: Reinventing Central Banking
Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis. -
February 19, 2015
Inflation, Expectations and Monetary Policy
Deputy Governor Agathe Côté discusses the importance of inflation expectations for monetary policy and a new survey the Bank of Canada created to monitor household expectations. -
February 10, 2015
Minding the Labour Gap
Senior Deputy Governor Carolyn Wilkins discusses the state of the labour market, the impact of lower oil prices on Canada’s economic outlook and the importance of both for monetary policy. -
January 21, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report. -
Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable. -
January 13, 2015
Drilling Down - Understanding Oil Prices and Their Economic Impact
Deputy Governor Timothy Lane discusses the causes of the recent drop in oil prices and its effects on the global and Canadian economies. -
Targeting Inflation from Below - How Do Inflation Expectations Behave?
Inflation targeting (IT) had originally been introduced as a device to bring inflation down and stabilize it at low levels. Given the current environment of persistently weak inflation in many advanced economies, IT central banks must now bring inflation up to target.