Monetary policy

• The Neutral Rate in Canada: 2018 Estimates

  Staff Analytical Note 2018-22 Xin Scott Chen, José Dorich

  The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Economic models, Interest rates, Monetary policy JEL Code(s): E, E4, E40, E43, E5, E50, E52, E58, F, F4, F41
• June 27, 2018

  Let Me Be Clear: From Transparency to Trust and Understanding

  Remarks Stephen S. Poloz Greater Victoria Chamber of Commerce Victoria, British Columbia

  Governor Poloz talks about how the Bank is improving communications with the public and helping financial markets understand its monetary policy approach.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credibility, Financial markets, Inflation targets, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments
• May 31, 2018

  A Progress Report on the Economy

  Remarks Sylvain Leduc Association des économistes québécois and CFA Québec Québec, Québec

  Deputy Governor Sylvain Leduc discusses the issues that led Governing Council to hold the policy interest rate at 1.25 per cent in their May 30 decision.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments
• May 16, 2018

  The (Mostly) Long and Short of Potential Output

  Remarks Lawrence L. Schembri Ottawa Economics Association and CFA Society Ottawa Ottawa, Ontario

  Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Productivity
• May 1, 2018

  Canada’s Economy and Household Debt: How Big Is the Problem?

  Remarks Stephen S. Poloz Yellowknife Chamber of Commerce Yellowknife, Northwest Territories

  Governor Poloz talks about household debt and how it will affect Canada’s economy and monetary policy for years.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credit and credit aggregates, Financial services, Financial stability, Interest rates, Monetary policy, Recent economic and financial developments

• How to Manage Macroeconomic and Financial Stability Risks: A New Framework

  Staff Analytical Note 2018-11 Alexander Ueberfeldt, Thibaut Duprey

  Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Financial stability, Financial system regulation and policies, Interest rates, Monetary policy, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, E58, G, G0, G01

• A Policy Framework for E-Money: A Report on Bank of Canada Research

  Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra

  We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52, E58
• April 25, 2018

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario

  Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are pleased to be back before you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. When we were last here at the beginning of November, we saw signs that the Canadian economy was moderating after an […]

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
• April 23, 2018

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario

  Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are pleased to be with you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. At the time of our last appearance in October, we saw signs that the Canadian economy was moderating after an exceptionally strong […]

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
• March 13, 2018

  Today’s Labour Market and the Future of Work

  Remarks Stephen S. Poloz Chancellor David Dodge Lecture in Public Finance 2018 Kingston, Ontario

  Governor Stephen S. Poloz discusses the untapped potential in Canada’s labour market and how it extends into the workforce of tomorrow.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Labour markets, Monetary policy, Monetary policy and uncertainty, Potential output