September 23, 2025 Time to roll up our sleeves Speech summary Tiff Macklem Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan Governor Tiff Macklem outlines four megatrends that are transforming the global economic and financial landscape. He also talks about the structural reform needed to ensure Canada’s long-term prosperity. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Exchange rates, Financial markets, Financial stability, Financial system regulation and policies, Foreign reserves management, Inflation and prices, International financial markets, International topics, Monetary policy and uncertainty, Productivity, Recent economic and financial developments, Trade integration
Credit Conditions, Inflation, and Unemployment Staff Working Paper 2025-26 Chao Gu, Janet Hua Jiang, Liang Wang We identify two channels that affect the relationship between inflation and unemployment. First, inflation lowers wages because unemployed suffer more from inflation than employed, generating a positive relationship. Second, inflation increases firms’ financing costs, generating a negative relationship. Improvements in firm financing conditions can induce the relationship to switch signs. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Inflation and prices, Labour markets JEL Code(s): E, E2, E24, E3, E31, E4, E44, E5, E51
August 14, 2025 The difference between a trade surplus and a trade deficit A trade surplus and a trade deficit are both measures of a country’s balance of trade. They are a calculation of whether a country exports or imports more. Content Type(s): Explainers Research Topic(s): Inflation and prices, International topics
Assessing tariff pass-through to consumer prices in Canada: Lessons from 2018 Staff Analytical Note 2025-18 Alexander Lam US trade protectionism is making the economic outlook increasingly uncertain. To assess how consumer prices may respond to tariffs, we examine a tariff episode from 2018 using detailed microdata and the synthetic control method. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Inflation and prices, International topics, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E30, E31, F, F1, F10, F13, F14
June 18, 2025 The impact of US trade policy on jobs and inflation in Canada Remarks Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador Governor Tiff Macklem discusses how the trade conflict with the United States has affected the Canadian economy. He explains that restoring open trade is critical for jobs and growth, and important for prices and inflation. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Expectations, Inflation and prices, International topics, Labour markets, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
June 18, 2025 Trade, jobs and inflation Speech summary Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador Governor Tiff Macklem discusses the trade conflict with the United States and how it is has affected the Canadian economy. He explains that restoring open trade is important for jobs, growth and price stability in Canada. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Expectations, Inflation and prices, International topics, Labour markets, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
June 11, 2025 What is a tariff? A tariff is a tax on imports from another country. It can increase the prices consumers and businesses pay for that good. Content Type(s): Explainers Research Topic(s): Credibility, Expectations, Inflation and prices, International topics
March 20, 2025 Navigating tariff uncertainty Remarks Tiff Macklem Calgary Economic Development Calgary, Alberta Governor Tiff Macklem discusses how the US trade conflict and uncertainty is hurting business and consumer confidence. He also outlines what the Bank is doing to ensure the trade conflict doesn’t cause widespread or persistent inflation. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Inflation and prices, International topics, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
March 20, 2025 Tariffs and trade uncertainty are hurting the Canadian economy Speech summary Tiff Macklem Calgary Economic Development Calgary, Alberta Governor Tiff Macklem discusses how uncertainty about the trade war with the United States has shaken businesses and consumer confidence. He also reiterates that the Bank of Canada must ensure that high prices from tariffs do not lead to ongoing inflation. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Inflation and prices, International topics, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
March 10, 2025 Price check: Inflation in Canada Sharon Kozicki, Jill Vardy, Laurence Savoie-Chabot Why prices change, and what it means for the economy. Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Business fluctuations and cycles, Credibility, Expectations, Inflation and prices, Inflation targets, Inflation: costs and benefits, Monetary policy framework, Monetary policy transmission, Price stability