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326 Results

June 13, 2024

Reviewing our pandemic actions

Speech summary Sharon Kozicki Canadian Association for Business Economics Ottawa, Ontario
Deputy Governor Sharon Kozicki talks about the importance of central bank transparency and accountability. She looks at the exceptional monetary policy measures the Bank of Canada used during the COVID-19 pandemic and analyzes their effectiveness.
June 13, 2024

Exceptional policies for an exceptional time: From quantitative easing to quantitative tightening

Remarks Sharon Kozicki Canadian Association of Business Economics Ottawa, Ontario
Deputy Governor Sharon Kozicki discusses the use of exceptional monetary policy tools during the COVID-19 pandemic, as well as the Bank’s commitment to transparency and accountability.

Sources of pandemic-era inflation in Canada: an application of the Bernanke and Blanchard model

Staff Analytical Note 2024-13 Fares Bounajm, Jean Garry Junior Roc, Yang Zhang
We explore the drivers of the surge in inflation in Canada during the COVID-19 pandemic. This work is part of a joint effort by 11 central banks using the model developed by Bernanke and Blanchard (2023) to identify similarities and differences across economies.

Assessing the Impact of the Bank of Canada’s Government Bond Purchases

Staff Discussion Paper 2024-5 Chinara Azizova, Jonathan Witmer, Xu Zhang
In March 2020, the Bank of Canada implemented the Government of Canada Bond Purchase Program, eventually purchasing approximately $340 billion of government bonds. In this paper, we analyze the impact of this program on financial market prices and yields as well as on GDP and inflation.

Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data

Staff Working Paper 2024-20 Patrick Alexander, Lu Han, Oleksiy Kryvtsov, Ben Tomlin
We study how the interaction of market power and nominal price rigidity influences inflation dynamics. We find that pass-through declines with price stickiness when markets are concentrated, which implies a lower slope of the New Keynesian Phillips curve.

Endogenous Credibility and Wage-Price Spirals

Staff Working Paper 2024-14 Olena Kostyshyna, Tolga Özden, Yang Zhang
We quantitively assess the risks of a wage-price spiral occurring in Canada over history. We find the risk of a wage-price spiral increases when the inflation expectations become unanchored and the credibility of central banks declines.

Pricing behaviour and inflation during the COVID-19 pandemic: Insights from consumer prices microdata

Staff Analytical Note 2024-6 Olga Bilyk, Mikael Khan, Olena Kostyshyna
Using the microdata underlying the Canadian consumer price index, we study how often and by how much firms changed their prices during the COVID-19 pandemic. We find that the surge in inflation was mainly associated with retailers raising prices much more often than before. We also find that more recently, corporate price-setting behaviour appears to be approaching pre-pandemic norms.
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