Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada Staff discussion paper 2018-18 Thomas J. Carter, Rhys R. Mendes, Lawrence L. Schembri In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E61 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
November 20, 2004 Monetary Policy and Uncertainty Bank of Canada Review - Autumn 2004 David Longworth Remarks by David Longworth, Deputy Governor of the Bank of Canada to the Canadian Association for Business Economics Content Type(s): Publications, Bank of Canada Review articles
February 28, 2013 Research Update - February 2013 This monthly 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
Regulation, Emissions and Productivity: Evidence from China’s Eleventh Five-Year Plan Staff working paper 2024-7 Brantly Callaway, Tong Li, Joel Rodrigue, Yuya Sasaki, Yong Tan We study the degree to which China’s 11th Five-Year Plan softens trade-offs between emissions and output. Our model suggests efficient regulation could have further increased aggregate productivity by 3.5% and output by 4.7% without any increase in aggregate emissions. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C21, D, D2, D24, Q, Q5, Q53 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Climate change, Digitalization and productivity
April 4, 2022 Business Outlook Survey—First Quarter of 2022 In the first-quarter 2022 Business Outlook Survey, reports of labour-related capacity constraints and supply chain challenges remain widespread. Given these pressures and robust demand, businesses anticipate stronger price growth—and they expect the Russian invasion of Ukraine to add more cost pressures. As public health restrictions ease, firms that were hit hard during the pandemic anticipate their sales will pick up. Content Type(s): Publications, Business Outlook Survey
April 21, 2021 Monetary Policy Report – April 2021 As the economy recovers from the COVID-19 pandemic, the Bank is forecasting growth of around 6 ½ percent this year, slowing to about 3 ¾ percent in 2022 and 3 ¼ percent in 2023. Content Type(s): Publications, Monetary Policy Report
December 23, 2002 Financial System Review - December 2002 The financial system, which consists of financial institutions, financial markets, and clearing and settlement systems, lays an important role in a nation’s economy. Sound and efficientfinancial systems can make a significant contribution to economic growth. Content Type(s): Publications, Financial Stability Report
The BoC-BoE Sovereign Default Database Revisited: What’s New in 2018? Staff working paper 2018-30 David Beers, Jamshid Mavalwalla Until recently, there have been few efforts to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada’s Credit Rating Assessment Group (CRAG) has developed a comprehensive database of sovereign defaults posted on the Bank of Canada’s website that now is updated in partnership with the Bank of England. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F34, G, G1, G10, G14, G15 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial stability and systemic risk
Variations in Pass-Through from Global Agricultural Commodity Prices to Domestic Food Inflation Staff discussion paper 2023-24 Daniel Hyun, Jacky Lee This paper examines factors that affect the transmission of fluctuations in global agricultural commodity prices to domestic food inflation. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3, E31, Q, Q0, Q02, Q1, Q11, Q17, Q18 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Structural challenges, International trade, finance and competitiveness
August 26, 2025 Flexible inflation targeting in a shock-prone world Remarks Tiff Macklem Bank of Mexico 100ᵗʰ Anniversary Seminar Mexico City, Mexico Governor Tiff Macklem discusses how inflation targeting became a leading strategy for maintaining price stability and how the Bank of Canada is ensuring its monetary policy framework is fit for future challenges. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework