Downward Nominal Wage Rigidity in Canada: Evidence from Micro- Level Data Staff working paper 2016-40 Dany Brouillette, Olena Kostyshyna, Natalia Kyui We assess the importance of downward nominal wage rigidity (DNWR) in Canada using both firm- and worker-level microdata. In particular, we analyze employer-level administrative data from the Major Wage Settlements (MWS) and household-based survey data from the Survey of Labour Income Dynamics (SLID). Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, J, J3, J30 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Structural challenges, Demographics and labour supply
October 25, 2011 Bank of Canada maintains overnight rate target at 1 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
Limits to Arbitrage and Deviations from Covered Interest Rate Parity Staff discussion paper 2016-4 James Pinnington, Maral Shamloo We document an increase in deviations from short-term covered interest rate parity (CIP) in the first half of 2015. Since the Swiss National Bank’s (SNB) decision to abandon its minimum exchange rate policy, both the magnitude and volatility of deviations from CIP have increased across several currency pairs. The effect is particularly pronounced for pairs involving the Swiss franc. Content Type(s): Staff research, Staff discussion papers JEL Code(s): F, F3, F31, G, G1, G15 Research Theme(s): Financial markets and funds management, International markets and currencies, Market functioning
January 7, 2016 Life After Liftoff: Divergence and U.S. Monetary Policy Normalization Remarks Stephen S. Poloz The Mayor’s Breakfast Series Ottawa, Ontario Governor Poloz talks about the global commodity price shock and how it is leading to economic and financial divergence. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada Staff working paper 2020-52 Charles Bellemare, Rolande Kpekou Tossou, Kevin Moran We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C33, D, D8, D83, D84, E, E3, E31 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
November 17, 1999 Release of the Monetary Policy Report Opening statement Gordon Thiessen Good morning. The Bank of Canada has just released its tenth Monetary Policy Report. This morning, we also raised our target for the overnight interest rate by 1/4 of one percentage point to 4 3/4 per cent. This follows a similar increase yesterday in the U.S. Federal Funds rate to 5 ½ per cent. The […] Content Type(s): Press, Speeches and appearances, Opening statements
July 16, 2014 Bank of Canada maintains overnight rate target at 1 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
November 19, 2020 Reminder: Changes to legal tender status will take effect in 2021 Media Relations Ottawa, Ontario In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government will remove legal tender status from some older bank notes as of January 1, 2021. Content Type(s): Press, Press releases
October 25, 2017 Bank of Canada maintains overnight rate target at 1 per cent Media Relations Ottawa, Ontario The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
October 19, 2016 Monetary Policy Report Press Conference Opening Statement Opening statement Stephen S. Poloz, Carolyn A. Wilkins Ottawa, Ontario Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework