Recent economic and financial developments

• March 3, 2022

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement (delivered virtually) Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy implementation, Price stability, Recent economic and financial developments
• March 3, 2022

  Economic progress report: Controlling inflation

  Remarks (delivered virtually) Tiff Macklem CFA Society Toronto Toronto, Ontario

  Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and what’s driving inflation in Canada. He also discusses how the Bank will manage the next step in the Bank’s balance sheet operations – quantitative tightening.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
• March 3, 2022

  Getting inflation back to target

  Speech summary Tiff Macklem CFA Society Toronto Toronto, Ontario

  Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to raise its policy interest rate. He explains that after two years of extraordinary stimulus, we are now on a path of rising interest rates.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet

• The Impact of Globalization and Digitalization on the Phillips Curve

  Staff Working Paper 2022-7 Christian Friedrich, Peter Selcuk

  Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation?

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E31, E32, F, F6
• February 9, 2022

  The role of Canadian business in fostering non-inflationary growth

  Remarks (delivered virtually) Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario

  Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Expectations, Firm dynamics, Inflation and prices, Labour markets, Monetary policy, Productivity, Recent economic and financial developments
• February 9, 2022

  Producing growth with less inflation

  Speech summary Tiff Macklem Canadian Chamber of Commerce Canada 360 Summit Ottawa, Ontario

  Governor Tiff Macklem discusses how—by investing in technology and people—businesses can help the economy grow more with less inflation.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Expectations, Firm dynamics, Inflation and prices, Labour markets, Monetary policy, Productivity, Recent economic and financial developments

• Business Closures and (Re)Openings in Real Time Using Google Places

  Staff Working Paper 2022-1 Thibaut Duprey, Daniel E. Rigobon, Philip Schnattinger, Artur Kotlicki, Soheil Baharian, T. R. Hurd

  The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service.

  Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Recent economic and financial developments JEL Code(s): C, C5, C55, C8, C81, D, D2, D22, E, E3, E32

• News-Driven International Credit Cycles

  Staff Working Paper 2021-66 Galip Kemal Ozhan

  This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Economic models, Financial stability, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): E, E4, E44, F, F3, F32, F4, F41, G, G1, G15, G2, G21
• December 15, 2021

  Building on success

  Speech summary Tiff Macklem Empire Club of Canada Toronto, Ontario

  Governor Tiff Macklem speaks about the Bank of Canada’s monetary policy framework review and the agreement between the Government of Canada and the Bank to renew the 2 percent inflation target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Credibility, Expectations, Inflation and prices, Inflation targets, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Recent economic and financial developments
• December 15, 2021

  Our monetary policy framework: Continuity, clarity and commitment

  Remarks (delivered virtually) Tiff Macklem Empire Club of Canada Toronto, Ontario

  Governor Tiff Macklem discusses the Bank of Canada’s renewed monetary policy framework. He reviews Canada’s experience with flexible inflation targeting and explains why the Bank and the Government of Canada agreed to renew the 2 percent inflation target.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Credibility, Expectations, Inflation and prices, Inflation targets, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Recent economic and financial developments