September 5, 2019 Canadian economy resilient even as global outlook worsens Speech summary Lawrence L. Schembri Halifax Chamber of Commerce Halifax, Nova Scotia Speaking a day after we decided to hold interest rates steady, Deputy Governor Lawrence Schembri discussed the key points Governing Council considered in their decision. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Inflation and prices, Inflation targets, Monetary policy, Monetary policy framework, Recent economic and financial developments
A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update Staff Discussion Paper 2019-9 Helen Lao, Ceciline Steyn We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52
Exploring Wage Phillips Curves in Advanced Economies Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Labour markets, Monetary policy JEL Code(s): C, C3, C33, E, E3, E31, E32
May 1, 2019 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce. Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
April 30, 2019 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good morning, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week. Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy […] Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
April 8, 2019 Why Do Central Banks Care About Market Power? Presentation Carolyn A. Wilkins G7 conference hosted by Banque de France Paris, France Senior Deputy Governor Carolyn A. Wilkins discusses how the competitive landscape and digitalization affect monetary policy and why central banks care about market power. Content Type(s): Press, Speeches and appearances, Presentations Research Topic(s): Firm dynamics, Inflation and prices, Labour markets, Market structure and pricing, Monetary policy transmission, Potential output, Productivity, Service sector
The Trend Unemployment Rate in Canada: Searching for the Unobservable Staff Working Paper 2019-13 Dany Brouillette, Marie-Noëlle Robitaille, Laurence Savoie-Chabot, Pierre St-Amant, Bassirou Gueye, Elise Nelson In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We also consider improvements and extensions to some existing methods. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Inflation and prices, Labour markets JEL Code(s): C, C5, C52, C53, E, E2, E24, E27
March 7, 2019 Economic Progress Report: Sensible Shifts in Household Spending Remarks Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario Deputy Governor Lynn Patterson discusses updates on the economy and reviews the latest interest rate decision. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Housing, Inflation and prices, Recent economic and financial developments
March 7, 2019 Spending shifts and consumer caution Speech summary Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario Speaking a day after we decided to hold interest rates unchanged, Deputy Governor Lynn Patterson discussed the key points Governing Council considered in their decision. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Housing, Inflation and prices, Recent economic and financial developments
January 31, 2019 A Look Under the Hood of Canada’s Job Market Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses developments in the Canadian labour market and factors that may help explain why wage growth is slower than expected. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, Inflation and prices, Labour markets, Productivity, Regional economic developments, Service sector