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
November 19, 2019 Researching the Economic Impacts of Climate Change Miguel Molico The Bank of Canada has a mandate to “promote the economic and financial welfare of Canada,” primarily through the conduct of monetary policy and promotion of a safe, sound and efficient financial system. Understanding the macroeconomic and financial system impacts of climate change and the transition to a low-carbon economy is therefore a priority for the Bank. Content Type(s): Staff research, Other Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting, Structural challenges, Climate change
Wage Growth in Canada and the United States: Factors Behind Recent Weakness Staff analytical note 2017-8 Dany Brouillette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine This note examines the relatively subdued pace of wage growth in Canada since the commodity price decline in 2014 and assesses whether the weakness is attributable to cyclical (e.g., labour market slack) or structural factors (e.g., resource reallocation and demographic change). Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, J, J3, J30 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
Multi-Product Pricing: Theory and Evidence from Large Retailers in Israel Staff working paper 2020-12 Marco Bonomo, Carlos Carvalho, Oleksiy Kryvtsov, Sigal Ribon, Rodolfo Rigato Standard theories of price adjustment are based on the problem of a single-product firm, and therefore they may not be well suited to analyze price dynamics in the economy with multiproduct firms. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D21, D22, E, E3, E31, E5, E52, L, L1, L11 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures
Private Digital Cryptoassets as Investment? Bitcoin Ownership and Use in Canada, 2016-2021 Staff working paper 2022-44 Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, Marcel Voia We report on the dynamics of Bitcoin awareness and ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys (BTCOS). Our analysis also helps understand Bitcoin owners who adopted during the COVID-19 and how they differ from long-term owners. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C12, E, E4, O, O5, O51 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Digital assets and fintech
Discount Rates, Debt Maturity, and the Fiscal Theory Staff working paper 2021-58 Alexandre Corhay, Thilo Kind, Howard Kung, Gonzalo Morales Do bond risk premiums influence the effects of debt maturity operations? Using a model with realistic bond risk premiums, we show that maturity operations have sizable effects on expected inflation and output when the central bank passively responds to inflation and the fiscal authority weakly responds to the debt level. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E43, E44, E6, E63, G, G1, G12 Research Theme(s): Financial markets and funds management, Funds management, Market functioning, Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation
An Alternative Estimate of Canadian Potential Output: The Multivariate State-Space Framework Staff discussion paper 2018-14 Lise Pichette, Maria Bernier, Marie-Noëlle Robitaille In this paper, we extend the state-space methodology proposed by Blagrave et al. (2015) and decompose Canadian potential output into trend labour productivity and trend labour input. As in Blagrave et al. (2015), we include output growth and inflation expectations from consensus forecasts to help refine our estimates. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, E, E0, E5 Research Theme(s): Models and tools, Economic models, Monetary policy, Real economy and forecasting
The Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations? Staff working paper 2022-41 Paul Beaudry, Thomas J. Carter, Amartya Lahiri When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and then explore optimal policy under a range of assumptions about how expectations are formed. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, E12, E2, E24, E3, E31, E5, E52, E58, E6, E65 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Local Labor Markets in Canada and the United States Staff working paper 2019-12 David Albouy, Alex Chernoff, Chandler Lutz, Casey Warman We examine local labor markets in the United States and Canada from 1990 to 2011 using comparable household and business data. Wage levels and inequality rise with city population in both countries, albeit less in Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): J, J2, J21, J3, J31, J6, J61, N, N3, N32, R, R1, R12 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
November 19, 2009 The Evolution of the International Monetary System Remarks Mark Carney Foreign Policy Association, New York City New York, New York In response to the worst financial crisis since the 1930s, policy-makers around the globe are providing unprecedented stimulus to support economic recovery and are pursuing a radical set of reforms to build a more resilient financial system. Content Type(s): Press, Speeches and appearances, Remarks