Productivity
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Assessing global potential output growth: April 2024
This note presents the annual update of Bank of Canada staff estimates for growth in global potential output. These estimates serve as key inputs to the analysis supporting the April 2024 Monetary Policy Report. -
March 26, 2024
Time to break the glass: Fixing Canada’s productivity problem
Senior Deputy Governor Carolyn Rogers explains how higher productivity can protect the economy from future bouts of inflation and why fixing Canada's productivity problem should be a priority for all Canadians. -
March 26, 2024
The productivity problem
Senior Deputy Governor Carolyn Rogers talks about some of the reasons for Canada’s poor productivity track record, and what we can do to turn the tide. -
Regulation, Emissions and Productivity: Evidence from China’s Eleventh Five-Year Plan
We study the degree to which China’s 11th Five-Year Plan softens trade-offs between emissions and output. Our model suggests efficient regulation could have further increased aggregate productivity by 3.5% and output by 4.7% without any increase in aggregate emissions. -
February 6, 2024
Monetary policy: It’s perfectly imperfect
Governor Tiff Macklem speaks about the effectiveness—and limitations—of monetary policy. He highlights how raising and lowering the policy interest rate ultimately keeps inflation low, stable and predictable, despite significant shocks to the economy. -
February 6, 2024
Monetary policy: The right tool for the right job
Governor Tiff Macklem discusses how monetary policy is working to bring inflation down—and how it has worked to return inflation to target over the last 25 years. He also talks about the limits of monetary policy, and why the right focus is on controlling inflation in the medium term. -
Uncovering the Differences Among Displaced Workers: Evidence from Canadian Job Separation Records
We revisit the measurement of the sources and consequences of job displacement using Canadian job separation records. -
Digitalization: Productivity
We examine the relationship between digitalization and productivity, the factors that influence this relationship, and how digitalization’s effect on productivity could change firm behaviour. -
Potential output and the neutral rate in Canada: 2023 assessment
We expect that potential output growth will rebound from 1.4% in 2022 to 2.2% on average between 2023 and 2026. We revised down our estimates of growth over 2022–25 relative to the April 2022 assessment. The Canadian nominal neutral rate remains unchanged—in the range of 2% to 3%.