August 25, 2020 Our COVID-19 response: Large-scale asset purchases Paul Beaudry The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth. Content Type(s): Publications, The Economy, Plain and Simple Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation targeting framework
August 27, 2013 Exits, Spillovers and Monetary Policy Independence Remarks John Murray Canadian Association for Business Economics Kingston, Ontario Deputy Governor John Murray discusses exits from unconventional monetary policies, spillovers and monetary policy independence. Content Type(s): Press, Speeches and appearances, Remarks
June 13, 2007 Demographics, Labour Input, and Economic Potential: Implications for Monetary Policy Remarks David Dodge St. John's Board of Trade St. John's, Newfoundland and Labrador Over the years, we at the Bank of Canada have learned that the best contribution that monetary policy can make to the economic welfare of Canadians is to keep inflation low, stable, and predictable. We try to keep the annual increase in consumer price inflation at 2 per cent, which is the middle of a 1 to 3 per cent inflation-control range. Content Type(s): Press, Speeches and appearances, Remarks
October 24, 2001 The Canadian Economy: Current and Future Challenges Remarks David Dodge Greater Moncton Chamber of Commerce and the Conseil économique du Nouveau-Brunswick Moncton, New Brunswick All of us at the Bank of Canada share a deep sorrow at the loss of so many lives in the 11 September terrorist attacks in the United States. Among those who died were innocent citizens of many nationalities, including Canadians. To their families, friends, and colleagues we extend our heartfelt sympathy. Content Type(s): Press, Speeches and appearances, Remarks
It takes a panel to predict the future: What the stock market says about future economic growth in Canada Staff analytical note 2023-9 Greg Adams, Jean-Sébastien Fontaine Valuation ratios in the Canadian stock market can help reveal investors’ expectations about future economic growth because the impact of economic growth on valuation ratios can vary across industries. We find that this variation helps produce accurate forecasts of future growth of real gross domestic product in Canada. The forecasts from our model declined by just over 3 percentage points between January 2022 and February 2023—a period when the Bank of Canada rapidly increased the overnight rate. As well, we find that interest-rate-sensitive industries had an outsized contribution to this expected slowdown in growth. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E44, E47, E5, E52 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
April 23, 2009 Release of the Monetary Policy Report Opening statement Mark Carney Ottawa, Ontario These are difficult economic times with the Canadian economy being buffeted by an intense and synchronized global recession. In recent months, that global recession has been exacerbated by delays in implementing measures to restore financial stability around the world. Content Type(s): Press, Speeches and appearances, Opening statements
International Transmission of Quantitative Easing Policies: Evidence from Canada Staff working paper 2022-30 Serdar Kabaca, Kerem Tuzcuoglu This paper examines the cross-border spillovers from major economies’ quantitative easing (QE) policies to their trading partners. We concentrate on spillovers from the US to Canada during the zero lower bound period when QE policies were actively used. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, F, F4, F41, F44 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Structural challenges, International trade, finance and competitiveness
May 19, 1999 Monetary Policy Report – May 1999 Six months ago, at the time of the last Monetary Policy Report, the global economic and financial environment was volatile and highly uncertain because of the adverse situation in Asia and the fallout from the Russian debt moratorium. Content Type(s): Publications, Monetary Policy Report
April 24, 2002 Opening Statement before the House of Commons Standing Committee on Finance Opening statement David Dodge To counter that uncertainty and bolster consumer and business confidence, the Bank of Canada moved aggressively to provide monetary stimulus. Between last September and January 2002, we lowered interest rates by 200 basis points, bringing the total reduction since January 2001 to 375 basis points. Content Type(s): Press, Speeches and appearances, Opening statements
September 20, 2011 Recent Economic Developments Remarks Mark Carney Saint John Board of Trade Saint John, New Brunswick Governor Mark Carney discusses the changing global economic environment and the significant challenges and opportunities it presents for Canada. Content Type(s): Press, Speeches and appearances, Remarks