Tiff Macklem - Latest

• February 1, 2011

  Canada's Competitive Imperative: Investing in Productivity Gains

  Remarks Tiff Macklem Productivity Alberta Edmonton, Alberta

  Canada’s advantages were very apparent through the financial crisis. They sheltered us from the worst of the storm and put Canada at the front of the pack coming out of the recession.

  Content Type(s): Press, Speeches and appearances, Remarks
• January 19, 2011

  Monetary Policy Report (Audio) - Press Conference - January 2011

  

  Release of the Monetary Policy Report - Webcast of a press conference by Governor Mark Carney and Senior Deputy Governor Tiff Macklem.

  Content Type(s): Press, Speeches and appearances, Webcasts
• January 19, 2011

  Monetary Policy Report (Video) - Press Conference - January 2011

  

  Release of the Monetary Policy Report - Webcast of a press conference by Governor Mark Carney and Senior Deputy Governor Tiff Macklem.

  Content Type(s): Press, Speeches and appearances, Webcasts
• October 5, 2010

  Reflections on Monetary Policy After the Great Recession

  Remarks Tiff Macklem International Finance Club of Montréal Montréal, Quebec

  As a native Montrealer, I am particularly pleased to be coming home to deliver my first speech as Senior Deputy Governor of the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• June 21, 2007

  Global Integration, Monetary Policy, and the International Monetary System

  Remarks Tiff Macklem Winnipeg CFA Society Winnipeg, Manitoba

  Now, Manitoba – right in the middle of our vast country – might seem an odd place to talk about globalization. But this province, like the rest of Canada, is very much affected by global economic forces.

  Content Type(s): Press, Speeches and appearances, Remarks
• June 8, 2006

  Floating Dollar, Anchored Inflation: The Role of the Exchange Rate in Canada's Monetary Policy Framework

  Remarks Tiff Macklem Lunenburg Board of Trade Lunenburg, Nova Scotia

  The two key components of the Bank's monetary policy framework are an "anchor," the inflation target, and a "float," the flexible exchange rate. Living by the ocean, you know better than I that a good mooring is one that keeps a boat in place, yet allows some give and take for the wind and the tide.

  Content Type(s): Press, Speeches and appearances, Remarks
• March 9, 2006

  Renewing the IMF: Some Lessons from Modern Central Banking

  Remarks Tiff Macklem Global Interdependence Center Philadelphia, Pennsylvania

  As economies have become more interconnected through trade and financial flows in a truly global marketplace, economic developments in one location can quickly have repercussions on the other side of the globe. In 1997, what began as a currency devaluation in Thailand became a crisis with repercussions not just in Asia, but in countries as far away as Russia, Brazil, and Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• August 20, 2002

  Information and Analysis for Monetary Policy: Coming to a Decision

  Bank of Canada Review - Summer 2002 Tiff Macklem

  This article outlines one of the Bank's key approaches to dealing with the uncertainty that surrounds decisions on monetary policy: the consideration of a wide range of information from a variety of sources. More specifically, it describes the information and analysis that the monetary policy decision-makers—the Governing Council of the Bank of Canada—receive in the two or three weeks leading up to a decision on the setting of the policy rate—the target overnight interest rate. The article also describes how the Governing Council reaches this decision.

  Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Monetary and financial indicators, Monetary policy framework, Monetary policy implementation
• November 18, 2001

  A New Measure of Core Inflation

  Bank of Canada Review - Autumn 2001 Tiff Macklem

  While the Bank of Canada's inflation-control target is specified in terms of the rate of increase in the total consumer price index, the Bank uses a measure of trend or "core" inflation as a short-term guide for its monetary policy actions. When the inflation targets were renewed in May 2001, the Bank announced that it was adopting a new measure of core inflation. This measure excludes the eight most volatile components of the CPI and adjusts the remaining components for the effect of changes in indirect taxes. In this article, the author discusses the definition of the new measure of core inflation and describes some of its advantages relative to the previous measure. He notes that the new measure has a firmer statistical basis, has a better correspondence with economic theory, and does a better job of predicting future changes in overall inflation. While the new measure has these advantages, the Bank will continue to monitor a broad range of indicators when assessing the likely future path for inflation.

  Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Inflation targets

• Monetary Rules When Economic Behaviour Changes

  Staff Working Paper 1999-8 Robert Amano, Donald Coletti, Tiff Macklem

  This paper examines the implications of changes in economic behaviour for simple inflation-forecast–based monetary rules of the type currently used at two inflation-targeting central banks. Three types of changes in economic behaviour are considered, changes that are motivated by developments in monetary and fiscal policy in the 1990s: changes in monetary policy credibility, changes in […]

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Monetary policy and uncertainty, Monetary policy framework JEL Code(s): E, E5, E52