Uncovering Subjective Models from Survey Expectations Staff working paper 2025-31 Chenyu Hou, Tao Wang This paper shows that survey expectations can be used to uncover how households subjectively think about inflation and unemployment dynamics jointly. The commonly documented "stagflation view", namely the households' tendency to associate inflation with a worse labor market, implies amplified impacts of supply shocks and dampened ones of demand shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D84, E, E2, E21, E3, E30, E32, E7, E71 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
November 6, 2025 Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy Opening statement Tiff Macklem Senate Standing Committee on Banking, Commerce and the Economy Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
November 6, 2025 Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada On Thursday, November 6, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the Standing Senate Committee on Banking, Commerce and the Economy. He will be accompanied by Senior Deputy Governor Carolyn Rogers. Content Type(s): Press, Media advisories
November 6, 2025 2025 Annual Economic Conference The Bank of Canada will host the 2025 Annual Economic Conference on November 6 and 7 in Ottawa. The theme for this year’s conference is Central Banking and the Future of Payments. Content Type(s): Conferences and workshops
November 6, 2025 CFIF Meeting (November 6, 2025) Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum
November 5, 2025 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
November 5, 2025 Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada On Wednesday, November 5, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers. Content Type(s): Press, Media advisories
November 4, 2025 Summary of comments—Fall 2025 Debt Management Strategy consultations Today, the Fall 2025 Debt Management Strategy Consultations Summary is being published, following the release of the Government of Canada’s 2026–27 Debt Management Strategy. Content Type(s): Press, Market notices
Non-homothetic Preferences and the Demand Channel of Inflation Staff working paper 2025-30 Stephen Murchison An alternative to the standard CES aggregator, based on non-homothetic household preferences, is proposed. Specifically, the elasticity of substitution between goods declines during periods of strong per-capita consumption and vice versa, giving firms an incentive to adjust their desired markup in response to the state of demand. Empirical evidence favouring a direct role for per-capita consumption demand in inflation determination for Canada is presented. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E27, E5, E52, Q, Q4, Q43, Q5, Q58 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures