International topics

• February 21, 2025

  Trade conflict: What can the Bank of Canada do?

  Speech summary Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses how a trade conflict would affect the Canadian economy and monetary policy. He also outlines what the Bank of Canada is focusing on as it renews its monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Economic models, Housing, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Potential output, Productivity, Recent economic and financial developments, Trade integration
• February 21, 2025

  Tariffs, structural change and monetary policy

  Remarks Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses the potential impact of a trade conflict with the United States. He also launches the review of the Bank’s monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Economic models, Housing, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Potential output, Productivity, Recent economic and financial developments, Trade integration
• February 6, 2025

  Structural change, supply shocks and hard choices

  Remarks (delivered virtually) Tiff Macklem Bank for International Settlements Mexico City, Mexico

  In panel remarks, Governor Tiff Macklem highlights the challenges ahead and discusses the role of monetary policy in a world with more structural change and supply shocks.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credibility, Inflation and prices, International topics, Monetary policy and uncertainty, Monetary policy framework, Price stability, Recent economic and financial developments

• The International Exposure of the Canadian Banking System

  Staff Working Paper 2025-1 Christian Friedrich, Hanno Friedrich, Nick Lawrence, Javier Cortes Orihuela, Phoebe Tian

  In 2023, the share of Canadian banks’ foreign assets and liabilities amounted to around 50%. While Canadian banks engage domestically mostly with households and non-financial corporations, their most common counterparties abroad are non-bank financial institutions.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial stability, International financial markets, International topics JEL Code(s): F, F2, F21, F23, F3, F31, F32, G, G2, G21, G23, G3
• December 16, 2024

  Lessons for the future

  Speech summary Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  In his year-end remarks, Governor Tiff Macklem discusses what the Bank of Canada learned from the pandemic experience and outlines how the Bank is preparing for a more uncertain future.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Economic models, Expectations, Inflation and prices, Inflation targets, International topics, Monetary policy, Monetary policy communications, Monetary policy framework
• December 16, 2024

  Delivering price stability: Learning from the past, preparing for the future

  Remarks Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  Governor Tiff Macklem reflects on the lessons learned from the pandemic and its aftermath and outlines how the Bank is preparing for the challenges of the future.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Economic models, Expectations, Inflation and prices, Inflation targets, International topics, Monetary policy, Monetary policy communications, Monetary policy framework

• Immigration and US Shelter Prices: The Role of Geographical and Immigrant Heterogeneity

  Staff Working Paper 2024-40 James Cabral, Walter Steingress

  The arrival of immigrants increases demand for housing and puts upward pressure on shelter prices. Using instrumental variables based on the ancestry composition of residents in US counties, we estimate the causal impact of immigration on local shelter prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Housing, Inflation and prices, International topics, Regional economic developments JEL Code(s): J, J6, J61, R, R2, R23, R3, R31
• September 24, 2024

  Economic growth during uncertain times

  Remarks Tiff Macklem IIF-CBA Forum Toronto, Ontario

  Governor Tiff Macklem discusses global uncertainty, and the Bank of Canada’s role in mitigating and managing risks to our economy.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Financial stability, Inflation and prices, Interest rates, International topics, Monetary policy and uncertainty, Recent economic and financial developments
• September 10, 2024

  Global trade in a changing world

  Speech summary Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom

  Governor Tiff Macklem talks about how geopolitical, economic and social forces are changing global trade. He also discusses how Canada can benefit from trade shifts and prepare for future supply shocks.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): International topics, Service sector, Trade integration
• September 10, 2024

  Rewired, recast and redirected: Global trade and implications for Canada

  Remarks Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom

  Bank of Canada Governor Tiff Macklem discuss shifts in the global trade environment and outlines the challenges and opportunities for Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): International topics, Service sector, Trade integration