Optimal Monetary Policy According to HANK Staff working paper 2021-55 Sushant Acharya, Edouard Challe, Keshav Dogra We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model. In the model, the central bank has an incentive to reduce consumption inequality in addition to keeping economic activity at its efficient level and inflation stable. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E3, E30, E5, E52, E6, E62, E63 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
Extreme Weather and Low-Income Household Finance: Evidence from Payday Loans Staff working paper 2024-1 Shihan Xie, Victoria Wenxin Xie, Xu Zhang This paper explores the impact of extreme weather exposures on the financial outcomes of low-income households. Our findings highlight the heightened financial vulnerability of low-income households to environmental shocks and underscore the need for targeted policies. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G5, Q, Q5, Q54 Research Theme(s): Financial system, Household and business credit, Structural challenges, Climate change
October 18, 2007 Bank of Canada releases Monetary Policy Report Media Relations Ottawa, Ontario The Bank of Canada today released its October Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy. Content Type(s): Press, Press releases
November 11, 2009 Making Bank Notes Accessible for Canadians Living with Blindness or Low Vision Bank of Canada Review - Winter 2009-2010 Carolyn Samuel The ability to conduct financial transactions using bank notes is crucial to independent living. Yet this can pose significant challenges for individuals who are blind or partially sighted. This article discusses the Bank of Canada's efforts over the past 30 years to meet the accessibility needs of a specific subset of the population–Canadians living with blindness or vision loss. It also reports the findings of expert and user assessments of the suite of accessibility features on the current series of bank notes and shares plans for the next series. Content Type(s): Publications, Bank of Canada Review articles
When supply shocks make inflation harder to control Sparks at Bank article Oleksiy Kryvtsov, Rodrigo Sekkel Supply disruptions were a key driver of inflation during the pandemic. If such disruptions occur more often in the future, they could lead to more frequent and persistent periods of high inflation. Central banks could then find it harder to bring inflation back to target while supporting economic activity. Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
April 24, 2002 Bank of Canada releases its April Monetary Policy Report Media Relations Ottawa, Ontario Canada's economic outlook has improved significantly since the November Monetary Policy Report. Indeed, information on the fourth quarter of last year and the first quarter of 2002 indicates that the recovery in the Canadian economy began sooner and has been considerably stronger than anticipated. Content Type(s): Press, Press releases
February 10, 2021 Payments innovation beyond the pandemic Remarks (delivered virtually) Timothy Lane Institute for Data Valorisation Montréal, Quebec Deputy Governor Timothy Lane talks about how the Bank of Canada is contributing to the modernization of our payments ecosystem, and how the COVID-19 pandemic has highlighted the need to make payments more convenient for all Canadians. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Fintech, Funds management
October 31, 2017 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are happy to be before you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. When we were last here in April, we were celebrating the fact that we had upgraded our economic forecast following a long […] Content Type(s): Press, Speeches and appearances, Opening statements
September 7, 2016 Bank of Canada maintains overnight rate target at 1/2 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Content Type(s): Press, Press releases
February 16, 2022 Expecting the unexpected: Central bank decision making in turbulent times Remarks (delivered virtually) Timothy Lane School of Public Policy, University of Calgary Calgary, Alberta Bank of Canada Deputy Governor Tim Lane discusses how the Bank responds to uncertainty in turbulent times. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework