Monetary policy communications
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December 15, 2023
Lessons learned and looking ahead
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. -
December 15, 2023
The path to price stability
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. -
Digitalization: Implications for Monetary Policy
We explore the implications of digitalization for monetary policy, both in terms of how monetary policy affects the economy and in terms of data analysis and communication with the public. -
Summaries of Central Bank Policy Deliberations: A Canadian Context
This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations. -
The Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations?
When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and then explore optimal policy under a range of assumptions about how expectations are formed. -
How Do People View Price and Wage Inflation?
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth. -
A Horse Race of Monetary Policy Regimes: An Experimental Investigation
How should central banks design monetary policy in stable times and during recessions? We run a horse race between five monetary policy frameworks in an experimental laboratory to assess how well the different approaches can manage the public’s expectations and stabilize the economy. -
May 12, 2022
The perfect storm
Deputy Governor Toni Gravelle discusses the commodity price shock and its implications for the Canadian economy and monetary policy. -
May 12, 2022
How commodity prices affect our economy
Deputy Governor Toni Gravelle talks about the spike in commodity prices over the past two years, the impact on inflation and how the Bank of Canada is responding.