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311 Results

Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics

Staff Discussion Paper 2020-11 Oleksiy Kryvtsov, James (Jim) C. MacGee
From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term.

Optimal Quantitative Easing in a Monetary Union

How should a central bank conduct quantitative easing (QE) in a monetary union when regions differ in their size and portfolio characteristics? Optimal QE policy suggests allocating greater purchases from the region that faces stronger portfolio frictions, and not necessarily according to each region’s size.

Corporate investment and monetary policy transmission in Canada

Staff Analytical Note 2020-26 Min Jae Kim, Jonathan Witmer
Unexpected changes in interest rates lead small firms to materially change their investment rate. Large firms, in contrast, show a smaller response. This suggests both that financial conditions are an important channel for transmitting monetary policy and that firm characteristics can help us better understand fluctuations in business investment.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Firm dynamics, Monetary policy, Monetary policy transmission JEL Code(s): D, D2, D22, D9, D92, G, G3, G31, G32

The neutral rate in Canada: 2020 update

Staff Analytical Note 2020-24 Dmitry Matveev, Julien McDonald-Guimond, Rodrigo Sekkel
The neutral rate of interest is important for central banks because it helps measure the stance of monetary policy. We present updated estimates of the neutral rate in Canada using the most recent data. We expect the COVID-19 pandemic to significantly affect the fundamental drivers of the Canadian neutral rate.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Economic models, Interest rates, Monetary policy JEL Code(s): E, E4, E40, E43, E5, E50, E52, E58, F, F4, F41
October 8, 2020

COVID‑19 and the financial system

Speech summary Tiff Macklem Global Risk Institute Toronto, Ontario
Governor Tiff Macklem discusses financial risks from the COVID-19 pandemic that are affecting our economy and that could shape how well it recovers. He also talks about financial risks from climate change.
October 8, 2020

From COVID to climate—the importance of risk management

Remarks (delivered virtually) Tiff Macklem The Global Risk Institute Toronto, Ontario
Governor Tiff Macklem discusses the importance of financial risk management as Canada recovers from the pandemic, and as it deals with issues like climate change.
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