ITR-2026

• Monetary Policy in a Volatile World: ToTEM Simulations

  Staff analytical paper 2026-27 Edward Booth, Edouard Djeutem, Oleksiy Kryvtsov, Fanny McKellips, Yang Zhang

  Using simulations of the Bank of Canada’s projection model, we assess inflation risks from greater supply-shock volatility and show that monetary policy faces sharper trade-offs, as stabilizing inflation increasingly comes at the cost of weaker real activity.

  Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E3, E31, E32, E5, E52, E58 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission

• Deglobalization and Trade Fragmentation: Implications for the Inflation-Output Trade-Off

  Staff analytical paper 2026-24 Matteo Cacciatore, Daniela Hauser, Yuko Imura

  How do deglobalization and rising trade costs affect monetary policy? A two-country, multi-sector model of Canada and the United States shows that bilateral trade-cost shocks generate a manageable inflation–output trade-off under the existing framework — but larger or more persistent shocks would make look-through policies costlier and riskier.

  Content Type(s): Staff research, Staff analytical paper JEL Code(s): D, D5, D57, E, E5, E52, E58, F, F1, F13, F4, F41, F6, F62 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Structural challenges, International trade, finance and competitiveness
• March 26, 2026

  An anchor of stability in uncertain times

  Remarks Carolyn Rogers Brandon Chamber of Commerce Brandon, Manitoba

  Senior Deputy Governor Carolyn Rogers discusses the big economic forces reshaping the economy, the Bank’s monetary policy framework renewal and affordability.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework

• AI Paradox: Promise vs. Reality—What It Means for Monetary Policy

  Staff analytical paper 2026-4 Joshua Brault, Maryam Haghighi, Jing Yang

  This note reviews the emerging evidence on AI’s labour-market and productivity effects, highlighting early task-level impacts, sizable micro level productivity gains, and the macroeconomic challenges these pose for monetary policy during the transition.

  Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E2, E24, E3, E31, E5, E50, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Structural challenges, Digitalization and productivity
• March 2, 2026

  Canada’s monetary policy framework in a world of supply-driven trade-offs

  Remarks Sharon Kozicki Norges Bank Monetary Policy Mandate Conference Oslo, Norway

  Deputy Governor Sharon Kozicki discusses the challenges of setting monetary policy in a world where supply-side developments are important drivers of inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
• December 16, 2025

  Good money and your central bank

  Remarks Tiff Macklem The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec

  Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring the stability of money in all its forms, from currency to digital payments. He also outlines how keeping inflation low and stable ensures Canadian money retains its purchasing power.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Bank notes, Digital currency, Monetary policy, Inflation targeting framework
• October 16, 2025

  Monetary policy framework renewal workshop

  As part of the 2026 monetary policy framework renewal, the Bank of Canada hosted a full-day virtual event with Canadian and international experts from other central banks, universities and think tanks. Participants shared insights and exchanged perspectives on the Bank’s research to date.

  Content Type(s): Conferences and workshops
• October 2, 2025

  Underlying inflation: Separating the signal from the noise

  Remarks Rhys R. Mendes Ivey Business School London, Ontario

  Deputy Governor Rhys Mendes speaks about how the Bank of Canada assesses underlying inflation, including the use of measures of core inflation. He also touches on the renewal of the monetary policy framework, which happens in 2026.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Inflation, Inflation targeting framework
• August 26, 2025

  Flexible inflation targeting in a shock-prone world

  Remarks Tiff Macklem Bank of Mexico 100ᵗʰ Anniversary Seminar Mexico City, Mexico

  Governor Tiff Macklem discusses how inflation targeting became a leading strategy for maintaining price stability and how the Bank of Canada is ensuring its monetary policy framework is fit for future challenges.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
• February 21, 2025

  Tariffs, structural change and monetary policy

  Remarks Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses the potential impact of a trade conflict with the United States. He also launches the review of the Bank’s monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework