Towards the 2021 renewal of the Bank of Canada’s Monetary Policy Framework

A Discussion on Current Research and Lessons from the COVID-19 Crisis for Monetary Policy

As part of the 2021 renewal of the Bank of Canada’s inflation-control agreement with the Government of Canada, Bank staff are currently comparing several monetary policy frameworks. The primary goal of this day-long workshop is to share—and receive comments on—these comparisons. The workshop will also examine lessons learned from the response to the COVID-19 economic slowdown regarding:

  • alternative monetary policy tools
  • complementarities between monetary policy and fiscal policy
  • macroprudential policies

The workshop will take place online and be webcast live. It will consist of a series of lively and thought-provoking discussions. The invited audience includes academics, private sector economists, financial market experts, and representatives from policy think tanks and the media.

Watch a video in which Bank of Canada’s Lawrence Schembri (Deputy Governor) discusses the recent staff discussion paper: Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions

Agenda

Times noted below are Eastern Standard Time.

Wednesday, 26 August 2020

09:30 - 10:00

Virtual Meeting Room to be open

10:00 - 10:05

Master of Ceremonies

Sharon Kozicki (Bank of Canada)

10:05 - 10:15

Introduction and Welcome Remarks

Carolyn A. Wilkins (Bank of Canada)

10:15 - 11:10

Session 1: Comparing Monetary Policy Frameworks: An Update and Discussion of the “Horse Race”

Read a summary of the interim results of the Bank of Canada’s Horse Race of Alternative Frameworks.

Chair: Anthony Landry (Bank of Canada)

10:15 - 10:20 Introduction by Session Chair

10:20 - 10:50 Presentation by Rhys Mendes (Bank of Canada)

10:50 - 11:10 Q&A

11:10 - 11:20

Break

11:20 - 12:40

Session 1 (continued): Comparing Monetary Policy Frameworks: An Update and Discussion of the “Horse Race”

Chair: Anthony Landry (Bank of Canada)

11:20 - 12:20 Discussions by

12:20 - 12:40 Q&A

12:40 - 14:00

Lunch/Free Time

Watch a pre-recorded video in which Bank of Canada’s Lawrence Schembri (Deputy Governor) discusses the recent staff discussion paper: Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions

13:15 - 13:45

Informal Small Group Discussion of the Horse Race Results and the Discussions

These are intended to provide some additional time for small group discussions on the material presented in Session 1. Groups will be limited and are available on a first come, first served basis.

Session 1: hosted by James MacGee (Bank of Canada)
Session 2: hosted by José Dorich (Bank of Canada)

14:00 - 15:05

Session 2: Policy Coordination: Lessons from Crisis

Chair: Césaire Meh (Bank of Canada)

14:00 - 14:05 Introduction by Session Chair

14:05 - 14:45 Discussions by

14:45 - 15:05 Q&A

15:05 - 15:15

Break

15:15 - 16:45

Session 3: Alternative Monetary Policy Tools: Lessons and Questions from the COVID Crisis

See the Bank of Canada’s recent actions to support the Canadian economy and financial system.

Chair: Jonathan Witmer (Bank of Canada)

15:15 - 15:20 Introduction by Session Chair

15:20 - 16:20 Discussions by

16:20 - 16:45 Q&A

16:45 - 17:00

Closing Remarks and Summary

Carolyn A. Wilkins (Bank of Canada)

Towards the 2021 renewal of the Bank of Canada’s Monetary Policy Framework (Webcast)

August 26, 2020

The workshop will take place online and be webcast live. It will consist of a series of lively and thought-provoking discussions. The invited audience includes academics, private sector economists, financial market experts, and representatives from policy think tanks and the media.

Opening remarks

August 26, 2020
Remarks (delivered virtually) -
Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework” -

Senior Deputy Governor Carolyn A. Wilkins discusses the challenges the Bank of Canada is facing as it seeks to renew its inflation-control target in 2021. Kicking off a day-long workshop on the renewal of the monetary policy framework, she explains how the Bank’s research on alternative frameworks is shaping up and invites discussion of how the COVID-19 crisis has changed what is known about alternative policy tools in action.