February 5, 2026 Structural change—Canada at a crossroads Remarks Tiff Macklem Empire Club of Canada Toronto, Ontario Governor Tiff Macklem discusses how structural change—driven by U.S. protectionism, AI, and slowing population growth—is reshaping Canada’s economy. He outlines the Bank’s role in maintaining low and stable inflation while helping the economy through the transition. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation
June 29, 2007 Business Outlook Survey - Summer 2007 Expectations regarding future sales growth are essentially unchanged from the last survey. Investment and employment intentions have declined from the very high levels reported in the previous survey, but continue to be solid. Content Type(s): Publications, Business Outlook Survey
December 31, 2025 Quarterly Research Update – 2025 Q4 This newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
Mortgage stress tests and household financial resilience under monetary policy tightening Staff analytical note 2024-25 Jonathan Hartley, Nuno Paixão This note analyzes mortgage stress tests, a macroprudential tool. We find that when mortgage stress tests are applied to all mortgage purchase originations, they improve credit quality and reduce credit and house price growth. They also improve the resilience of borrowers to financial shocks, such as the large increase in interest rates during 2022–23. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E5, E52, G, G2, G21, G28, G5, G50, G51 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Monetary policy tools and implementation
November 28, 2016 From Hewers of Wood to Hewers of Code: Canada’s Expanding Service Economy Remarks Stephen S. Poloz C.D. Howe Institute Toronto, Ontario Governor Stephen S. Poloz discusses how growth in Canada’s service sector is leading to high-paying jobs and helping complete the economic recovery. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
March 13, 2008 Addressing Financial Market Turbulence Remarks Mark Carney Toronto Board of Trade Toronto, Ontario Since last summer, many of us here today have been preoccupied with the ongoing dislocations in financial markets. What began in securities linked to U.S. subprime mortgages has spread to a broad range of structured assets, conventional credit markets, and, to a lesser extent, equities. Content Type(s): Press, Speeches and appearances, Remarks
May 18, 2002 Foreign Takeovers and the Canadian Dollar: Evidence and Implications Bank of Canada Review - Spring 2002 Lawrence L. Schembri Since 1995, acquisitions of foreign firms by Canadian residents and acquisitions of Canadian firms by foreign residents have increased. Through most of this period, the dollar has depreciated, but the cumulative net balance of foreign direct investment acquisition flows has remained close to zero. The recent upward trend in bilateral acquisition flows is part of the globalization process as firms consolidate and rationalize their operations, and is not related to the value of the Canadian dollar. Standard models of international asset pricing imply that there should not be a relationship between the Canadian exchange rate and foreign takeovers of Canadian firms because an exchange rate movement does not give foreign buyers a systematic advantage over domestic buyers. Purchases of domestic firms by foreign residents are likely to be welfare-improving. Transactions between foreign and domestic residents are voluntary, and they imply that the foreign buyers expect to obtain higher profits from the firms' assets. Content Type(s): Publications, Bank of Canada Review articles
April 13, 2022 Monetary Policy Report – April 2022 Canadian economic activity remains strong, and employment is robust. The Bank is forecasting growth of about 4¼% in 2022, easing to 3¼% in 2023. Content Type(s): Publications, Monetary Policy Report
Monetary Policy in an AI-Driven Two-Speed Economy Staff working paper 2026-27 Joshua Brault, Maryam Haghighi, Jing Yang We analyze monetary policy responses to AI in a two-sector New Keynesian model, distinguishing augmentation and automation. Both reduce labor demand, requiring accommodation that creates inflation trade-offs. Automation worsens them. Aggregate inflation depends on AI’s form and breadth, making policy stabilization more complex and aggregate data potentially misleading. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, E3, E31, E32, E5, E52, J, J2, J23, O, O3, O33 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Structural challenges, Digitalization and productivity
June 18, 2020 Spending patterns in a pandemic Speech summary Lawrence L. Schembri Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan Deputy Governor Lawrence Schembri explains how household spending has changed because of COVID-19 and discusses why the Bank expects the recovery to have two phases. Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation