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 | 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 | 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) |
| 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 | 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) - Carolyn A. Wilkins
Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework” - Ottawa, Ontario
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.
Content Type(s):
Conferences and workshops