On What States Do Prices Depend? Answers from Ecuador Staff working paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E5, F, F3, F33 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Monetary Commitment and the Level of Public Debt Staff working paper 2016-3 Stefano Gnocchi, Luisa Lambertini We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, E3, E32, E5, E52 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
June 19, 2008 Governor Carney Discusses the Role of Monetary Policy in the Face of the Commodities Boom Media Relations Calgary, Alberta The best contribution that the Bank of Canada can make to help all Canadians reap the benefits of the current commodities boom is to remain focused on achieving its inflation target, Governor Mark Carney said today in a speech to the Commodities, the Economy, and Money conference. Content Type(s): Press, Press releases
January 29, 2025 Monetary Policy Report—January 2025—Global economy Global economic growth remains near 3%, and headline inflation is close to central bank targets in many countries. However, uncertainty has increased amid political and trade tensions. The outlook does not incorporate new tariffs threatened by the United States.
July 6, 2020 Canadian Survey of Consumer Expectations—Second Quarter of 2020 The Canadian Survey of Consumer Expectations (CSCE) focuses on respondents’ views on inflation, the labour market and household finances. The survey for the second quarter of 2020 was conducted from May 11 to June 1, 2020. Given the ongoing pandemic, in this survey, specific questions were added about the impact on Canadians of COVID‑19 and the measures to contain the spread of the virus. Content Type(s): Publications, Canadian Survey of Consumer Expectations
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
January 23, 2003 Monetary Policy Report Update – January 2003 At the time of the October Monetary Policy Report, the Bank projected that core inflation would rise in the fourth quarter of 2002, reflecting a combination of one-off factors - including the rise in insurance premiums - and the “echo effect” from developments towards the end of 2001. Content Type(s): Publications, Monetary Policy Report
October 22, 2003 Release of the Monetary Policy Report Opening statement David Dodge Since our April Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia. Inflation has also fallen faster and further than expected. Content Type(s): Press, Speeches and appearances, Opening statements
IMPACT: The Bank of Canada’s International Model for Projecting Activity Technical report No. 116 Patrick Blagrave, Claudia Godbout, Justin-Damien Guénette, René Lalonde, Nikita Perevalov We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance. Content Type(s): Staff research, Technical reports JEL Code(s): C, C6, C68, E, E2, E27, E3, E37, F, F0, F01, F3, F32, F4, F47 Research Theme(s): Models and tools, Economic models, Monetary policy, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness
From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy Staff working paper 2024-39 Felipe Alves, Giovanni L. Violante We explore the long-run effects of a monetary policy shock in a Heterogeneous Agent New Keynesian model built on the micro evidence that job losses lead to persistently lower individual earnings through a combination of skill decay and abandonment of the labour force. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, E3, E31, E32, E5, E52, J, J2, J24, J6, J64 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Real economy and forecasting, Structural challenges, Demographics and labour supply