February 6, 2025 Structural change, supply shocks and hard choices Remarks (delivered virtually) Tiff Macklem Bank for International Settlements Mexico City, Mexico In panel remarks, Governor Tiff Macklem highlights the challenges ahead and discusses the role of monetary policy in a world with more structural change and supply shocks. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credibility, Inflation and prices, International topics, Monetary policy and uncertainty, Monetary policy framework, Price stability, Recent economic and financial developments
The International Exposure of the Canadian Banking System Staff Working Paper 2025-1 Christian Friedrich, Hanno Friedrich, Nick Lawrence, Javier Cortes Orihuela, Phoebe Tian In 2023, the share of Canadian banks’ foreign assets and liabilities amounted to around 50%. While Canadian banks engage domestically mostly with households and non-financial corporations, their most common counterparties abroad are non-bank financial institutions. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability, International financial markets, International topics JEL Code(s): F, F2, F21, F23, F3, F31, F32, G, G2, G21, G23, G3
December 16, 2024 Lessons for the future Speech summary Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia In his year-end remarks, Governor Tiff Macklem discusses what the Bank of Canada learned from the pandemic experience and outlines how the Bank is preparing for a more uncertain future. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Coronavirus disease (COVID-19), Economic models, Expectations, Inflation and prices, Inflation targets, International topics, Monetary policy, Monetary policy communications, Monetary policy framework
December 16, 2024 Delivering price stability: Learning from the past, preparing for the future Remarks Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia Governor Tiff Macklem reflects on the lessons learned from the pandemic and its aftermath and outlines how the Bank is preparing for the challenges of the future. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Economic models, Expectations, Inflation and prices, Inflation targets, International topics, Monetary policy, Monetary policy communications, Monetary policy framework
Immigration and US Shelter Prices: The Role of Geographical and Immigrant Heterogeneity Staff Working Paper 2024-40 James Cabral, Walter Steingress The arrival of immigrants increases demand for housing and puts upward pressure on shelter prices. Using instrumental variables based on the ancestry composition of residents in US counties, we estimate the causal impact of immigration on local shelter prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Inflation and prices, International topics, Regional economic developments JEL Code(s): J, J6, J61, R, R2, R23, R3, R31
September 24, 2024 Economic growth during uncertain times Remarks Tiff Macklem IIF-CBA Forum Toronto, Ontario Governor Tiff Macklem discusses global uncertainty, and the Bank of Canada’s role in mitigating and managing risks to our economy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Financial stability, Inflation and prices, Interest rates, International topics, Monetary policy and uncertainty, Recent economic and financial developments
September 10, 2024 Global trade in a changing world Speech summary Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom Governor Tiff Macklem talks about how geopolitical, economic and social forces are changing global trade. He also discusses how Canada can benefit from trade shifts and prepare for future supply shocks. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): International topics, Service sector, Trade integration
September 10, 2024 Rewired, recast and redirected: Global trade and implications for Canada Remarks Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom Bank of Canada Governor Tiff Macklem discuss shifts in the global trade environment and outlines the challenges and opportunities for Canada. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): International topics, Service sector, Trade integration
Demand for Canadian Banknotes from International Travel: Indirect Evidence from the COVID-19 Pandemic Staff Working Paper 2024-23 Hongyu Xiao This study uses the COVID-19 travel restrictions to estimate foreign demand for Canadian banknotes. It reveals that international visitors accounted for about 10% of all $100 CAD notes in circulation pre-pandemic, with each visitor carrying an average of $165 in hundred-dollar bills. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Central bank research, Coronavirus disease (COVID-19), Financial services, International topics JEL Code(s): E, E4, E41, E42, E5, E58, F, F2, F22
June 12, 2024 Central banking: Navigating in a new world Remarks Tiff Macklem 30th Conference of Montréal: International Economic Forum of the Americas Montréal, Quebec Governor Tiff Macklem looks back on the lessons learned from post-pandemic inflation and discusses the challenges ahead. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Inflation: costs and benefits, International topics, Monetary policy