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237 Results

February 9, 2022

The role of Canadian business in fostering non-inflationary growth

Remarks (delivered virtually) Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario
Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth.
February 9, 2022

Producing growth with less inflation

Speech summary Tiff Macklem Canadian Chamber of Commerce Canada 360 Summit Ottawa, Ontario
Governor Tiff Macklem discusses how—by investing in technology and people—businesses can help the economy grow more with less inflation.

On the Wedge Between the PPI and CPI Inflation Indicators

Staff Working Paper 2022-5 Shang-Jin Wei, Yinxi Xie
We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.

Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach

Staff Working Paper 2022-3 Wenting Song, Samuel Stern
How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news.
December 15, 2021

Building on success

Speech summary Tiff Macklem Empire Club of Canada Toronto, Ontario
Governor Tiff Macklem speaks about the Bank of Canada’s monetary policy framework review and the agreement between the Government of Canada and the Bank to renew the 2 percent inflation target.
December 15, 2021

Our monetary policy framework: Continuity, clarity and commitment

Remarks (delivered virtually) Tiff Macklem Empire Club of Canada Toronto, Ontario
Governor Tiff Macklem discusses the Bank of Canada’s renewed monetary policy framework. He reviews Canada’s experience with flexible inflation targeting and explains why the Bank and the Government of Canada agreed to renew the 2 percent inflation target.
December 9, 2021

Keeping our eyes on inflation

Speech summary Toni Gravelle Surrey Board of Trade Surrey, British Columbia
Deputy Governor Toni Gravelle talks about the Bank of Canada’s decision yesterday to leave the policy rate unchanged. He explains the link between supply bottlenecks and high inflation and why the Bank thinks both will ease over time.
December 9, 2021

Economic progress report: A recovery unlike any other

Remarks (delivered virtually) Toni Gravelle Surrey Board of Trade Surrey, British Columbia
Deputy Governor Toni Gravelle provides an economic update and discusses the relationship between supply bottlenecks and inflation.
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