January 16, 2023 Canadian Survey of Consumer Expectations—Fourth Quarter of 2022 Results of the fourth-quarter survey show that consumers have reduced their purchases of a broad range of goods and services in response to rising inflation and increases in interest rates. High food prices are a particular source of frustration for households. Most consumers anticipate a mild or moderate recession in the next 12 months. And although labour markets continue to be strong, some early signals suggest consumers think this strength will fade. Meanwhile, short-term inflation expectations remain elevated this quarter, but consumers have varied opinions about where inflation will be in five years. More people than before the pandemic expect deflation. Content Type(s): Publications, Canadian Survey of Consumer Expectations
September 20, 2022 Anatomy of a pandemic: Applying old lessons and learning from new ones Speech summary Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario Deputy Governor Paul Beaudry describes how the lessons learned from previous economic crises helped central bankers during the global COVID-19 pandemic. He also talks about how managing inflation expectations can help bring inflation back to target. Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
April 21, 2009 Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010 Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate. Content Type(s): Press, Press releases
February 3, 2025 Understanding quantitative easing QE is a tool that encourages spending and investment—helping us to achieve our inflation target by stabilizing the economy. Content Type(s): Explainers Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
A Primer on Neo-Fisherian Economics Staff analytical note 2016-14 Robert Amano, Thomas J. Carter, Rhys R. Mendes Conventional models imply that central banks aiming to raise inflation should lower nominal rates and thus stimulate aggregate demand. However, several economists have recently challenged this conventional wisdom in favour of an alternative “neo-Fisherian’’ view under which higher nominal rates might in fact lead to higher inflation. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E5 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Macro News in Market Moves: Classifying News through Asset Co-movements Staff analytical paper 2026-7 Bruno Feunou, Jean-Sébastien Fontaine, Rishi Vala This paper introduces CLONE, a method that decomposes asset price movements into aggregate demand, productivity, inflation, and monetary policy news, using stocks, bonds, and inflation swaps. CLONE simplicity and forward-looking focus helps guide policymakers in determining the economic drivers behind asset price movements. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E3, E32, E4, E44, G, G1, G12, G14 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission
The Macroeconomic Effects of Portfolio Equity Inflows Staff working paper 2023-31 Nick Sander I provide evidence that portfolio equity inflows can have expansionary effects on GDP and inflation if not offset by monetary policy. I use a shift-share instrument to estimate equity inflows based on plausibly exogenous timing of inflows into mutual funds with heterogeneous country portfolios. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, F, F3, F32, F4, F44 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
June 12, 2024 Central banking: Navigating in a new world Remarks Tiff Macklem 30th Conference of Montréal: International Economic Forum of the Americas Montréal, Quebec Governor Tiff Macklem looks back on the lessons learned from post-pandemic inflation and discusses the challenges ahead. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework