November 14, 2000 Conference Summary: Money, Monetary Policy, and Transmission Mechanisms Bank of Canada Review - Autumn 2000 Kevin Clinton, Walter Engert This article summarizes the proceedings of a conference hosted by the Bank of Canada in November 1999. Three major themes emerged at the conference. The first concerned uncertainty about the transmission mechanism by which monetary policy affects output and inflation. The second concerned the potential usefulness of monetary aggregates in guiding the economy along a stable non-inflationary growth path. The third was the recent developments in dynamic monetary general-equilibrium models. The work presented suggests that a wide range of models is useful for understanding the various paths by which monetary policy actions might influence the economy. Content Type(s): Publications, Bank of Canada Review articles
April 7, 2014 Business Outlook Survey - Spring 2014 The spring Business Outlook Survey offers encouraging signs for the economic outlook, although responses indicate that headwinds from intense competition and domestic uncertainty persist. Content Type(s): Publications, Business Outlook Survey
December 12, 2011 Prolonged Period of Deleveraging Ahead, Says Bank of Canada Governor Mark Carney Media Relations Toronto, Ontario The world’s advanced economies are entering a prolonged period of deleveraging after several decades of accumulating debt, Bank of Canada Governor Mark Carney said today. “The direction may be clear, but the magnitude and abruptness of the process are not. It could be long and orderly or it could be sharp and chaotic.” “In general, […] Content Type(s): Press, Press releases
April 9, 2020 Historical Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility – April 9, 2020 to July 25, 2021 The Bank of Canada (the Bank), through its Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS). Content Type(s): Collateral Policy Source(s): Standing Liquidity Facility
April 13, 2009 Business Outlook Survey - Spring 2009 Business sentiment remains negative. While some indicators have inched up from historical lows, the results of the spring survey continue to suggest a weak outlook for the Canadian economy. Content Type(s): Publications, Business Outlook Survey
Behavioral Learning Equilibria in New Keynesian Models Staff working paper 2022-42 Cars Hommes, Kostas Mavromatis, Tolga Özden, Mei Zhu We introduce behavioral learning equilibria (BLE) into DSGE models with boundedly rational agents using simple but optimal first order autoregressive forecasting rules. The Smets-Wouters DSGE model with BLE is estimated and fits well with inflation survey expectations. As a policy application, we show that learning requires a lower degree of interest rate smoothing. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C11, D, D8, D83, D84, E, E3, E6, E62 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Estimating the Effect of Exchange Rate Changes on Total Exports Staff working paper 2019-17 Thierry Mayer, Walter Steingress This paper shows that real effective exchange rate (REER) regressions, the standard approach for estimating the response of aggregate exports to exchange rate changes, imply biased estimates of the underlying elasticities. We provide a new aggregate regression specification that is consistent with bilateral trade flows micro-founded by the gravity equation. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F12, F3, F31, F32 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Structural challenges, International trade, finance and competitiveness
January 31, 2017 Models and the Art and Science of Making Monetary Policy Remarks Stephen S. Poloz University of Alberta School of Business Edmonton, Alberta Governor Stephen S. Poloz discusses the evolution of economic models and the need for central bankers to apply judgment in using them. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
September 14, 2000 Bank of Canada Governor reviews economic developments and outlines proposed new arrangements for announcing interest rate changes Media Relations Calgary, Alberta In a speech to the Calgary Chamber of Commerce today, Bank of Canada Governor Gordon Thiessen gave an update on the Bank's outlook for the Canadian economy. He also outlined plans to move to a system of pre-set dates for announcing changes in official interest rates as part of the Bank's ongoing efforts to improve […] Content Type(s): Press, Press releases
August 27, 2007 The Bank of Canada's Research Agenda and the Future of Inflation Targeting Remarks Pierre Duguay Canadian Association for Business Economics Kingston, Ontario The last few weeks have been a time of turbulence in financial markets. In times such as these, it is common for people to focus on day-by-day or even hour-by-hour events, and to lose sight of the future. But tonight, I want to focus on the future; specifically, the future of inflation targeting in Canada. Content Type(s): Press, Speeches and appearances, Remarks