December 16, 2024 Delivering price stability: Learning from the past, preparing for the future Remarks Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia Governor Tiff Macklem reflects on the lessons learned from the pandemic and its aftermath and outlines how the Bank is preparing for the challenges of the future. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
October 30, 2024 Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy Opening statement Tiff Macklem Senate Standing Committee on Banking, Commerce and the Economy Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
April 1, 2026 Summary of Governing Council deliberations: Fixed announcement date of March 18, 2026 This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 18, 2026. Content Type(s): Publications, Summary of deliberations
November 19, 2002 Purchasing-Power Parity: Definition, Measurement, and Interpretation Bank of Canada Review - Autumn 2002 Robert Lafrance, Lawrence L. Schembri This article examines the concept of purchasing-power parity (PPP) and its implications for the equilibrium value of the Canadian exchange rate. PPP has two main applications, as a theory of exchange rate determination and as a means to compare living standards across countries. Concerning exchange rate determination, PPP is mainly useful as a reminder that monetary policy has no long-run impact on the real exchange rate, since the exchange rate can deviate persistently from its PPP value in response to real shocks. To compare living standards across countries, PPP exchange rates constructed by comparing the prices of national consumption baskets are used to translate per capita national incomes into a common currency. These rates are useful because they offset differences in national price levels to obtain comparable measures of purchasing power, but they are not an accurate measure of the equilibrium value of the exchange rate. The authors conclude that the current deviation of the Canadian exchange rate from the PPP rate does not imply that the exchange rate is undervalued, but that this deviation reflects the impact of persistent real factors, in particular, lower commodity prices. Content Type(s): Publications, Bank of Canada Review articles
April 26, 2002 The Interaction Between Monetary and Fiscal Policies Lecture David Dodge School of Policy Studies Queen's University Kingston, Ontario Donald Gow had a great interest in public administration and in budgetary reform in the federal government.1 He was one in a long line of Queen's professors who have focused on various budgetary matters at the federal level. Content Type(s): Press, Speeches and appearances, Lectures
October 14, 2007 The Effect of China on Global Prices Bank of Canada Review - Autumn 2007 Michael Francis The dramatic growth in China's exports of consumer goods such as clothing, toys, and electronics, and imports of primary commodities such as oil and metals is having major effects on global supply and demand. In examining China's role in global relative price changes, Francis finds that downward pressure on the relative prices of consumer goods is likely to persist as China's large labour supply continues its migration into manufacturing. Likewise, China's size and growth will also remain key drivers of global commodities demand for some time. Despite these forces, inflation-targeting central banks have the tools to keep inflation close to target, thus offsetting any persistent upward or downward inflationary pressure. Content Type(s): Publications, Bank of Canada Review articles
July 30, 2025 Monetary Policy Report—July 2025—Global economy Global growth has slowed since the start of 2025 amid the ongoing shifts in US trade policy and the resulting uncertainty. Still, the global economy has remained resilient so far, even though US tariffs are at their highest levels in decades.
September 6, 2018 An Update on Canada’s Economic Resilience Remarks Carolyn A. Wilkins Saskatchewan Trade & Export Partnership Regina, Saskatchewan Senior Deputy Governor Wilkins discusses economic developments since the July Monetary Policy Report and Governing Council’s deliberations leading to yesterday’s policy rate decision. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
February 6, 2007 Promoting Stability, Confidence and Well-being Remarks David Longworth Greater Kitchener Waterloo Chamber of Commerce Waterloo, Ontario The strengths of the twin cities - in research, advanced manufacturing, and information technology, among other sectors - are well known. Less well known, perhaps, is the region's success in responding effectively to changes in the world economy. Content Type(s): Press, Speeches and appearances, Remarks
June 12, 2017 Canadian Economic Update: Strength in Diversity Remarks Carolyn A. Wilkins The Associates of the Asper School of Business Winnipeg, Manitoba Senior Deputy Governor Carolyn A. Wilkins talks about encouraging signs that growth is broadening across Canada’s regions and sectors. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework