Monetary policy

• December 15, 2023

  Lessons learned and looking ahead

  Speech summary Tiff Macklem Canadian Club Toronto Toronto, Ontario

  In his year-end remarks, Governor Tiff Macklem discusses how lessons learned from recent economic volatility are reshaping the way the Bank of Canada conducts economic analysis and communicates with the public.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Economic models, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy transmission, Price stability
• December 15, 2023

  The path to price stability

  Remarks Tiff Macklem Canadian Club Toronto Toronto, Ontario

  Governor Tiff Macklem discusses how the economy will continue to adjust to higher interest rates in the year ahead, and outlines what Canadians can expect from the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Economic models, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy transmission, Price stability

• Making It Real: Bringing Research Models into Central Bank Projections

  Staff Discussion Paper 2023-29 Marc-André Gosselin, Sharon Kozicki

  Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Monetary policy JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52
• December 7, 2023

  Economic progress report: Immigration, housing and the outlook for inflation

  Remarks Toni Gravelle Windsor–Essex Regional Chamber of Commerce Windsor, Ontario

  Deputy Governor Toni Gravelle discusses the latest interest rate decision along with how immigration helps Canada’s economy and how it impacts inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Housing, Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Price stability, Recent economic and financial developments
• December 7, 2023

  What population growth means for the economy and inflation

  Speech summary Toni Gravelle Windsor-Essex Regional Chamber of Commerce Windsor, Ontario

  Speaking a day after we decided to hold interest rates steady at 5%, Deputy Governor Toni Gravelle discusses immigration, inflation and the role that newcomers play in helping our economy grow.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Housing, Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Price stability, Recent economic and financial developments
• November 22, 2023

  Ending the pain of high inflation

  Remarks Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick

  Bank of Canada Governor Tiff Macklem explains how high inflation is hurting Canadians and how monetary policy is working to bring inflation back to target.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability
• November 22, 2023

  Fighting to get back to low inflation

  Speech summary Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick

  Governor Tiff Macklem outlines how high inflation is hurting Canadians and how monetary policy is working to bring it down. He also explains why the Bank of Canada must stay the course in its inflation fight.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability

• Digitalization: Prices of Goods and Services

  Staff Discussion Paper 2023-27 Vivian Chu, Tatjana Dahlhaus, Christopher Hajzler

  This paper outlines and assesses the various channels through which digitalization can affect prices of goods and services.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Digitalization, Inflation and prices, Market structure and pricing, Monetary policy JEL Code(s): D, D2, E, E3, E31, E5, E52, L, L1, L11

• Labor Market Shocks and Monetary Policy

  Staff Working Paper 2023-52 Serdar Birinci, Fatih Karahan, Yusuf Mercan, Kurt See

  We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer transitions for inflation.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, Labour markets, Monetary policy JEL Code(s): E, E1, E12, E2, E24, E5, E52, J, J3, J31, J6, J62, J64
• September 7, 2023

  Staying the course

  Speech summary Tiff Macklem Calgary Chamber of Commerce Calgary, Alberta

  Speaking a day after we decided to maintain the policy interest rate at 5%, Governor Tiff Macklem explores some key factors behind the decision. He also explains why the 2% inflation target supports a stable economy and greater prosperity for households and businesses.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Credibility, Domestic demand and components, Expectations, Firm dynamics, Inflation and prices, Inflation targets, Inflation: costs and benefits, Labour markets, Monetary policy, Monetary policy framework, Monetary policy transmission, Price stability, Recent economic and financial developments