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311 Results

September 19, 2024

Monetary policy decision-making: Behind the scenes

Remarks Nicolas Vincent Sherbrooke Chamber of Commerce and Industry Sherbrooke, Quebec
External Deputy Governor Nicolas Vincent gives a behind the scenes look at the rigorous research, analysis and debate that go into every monetary policy decision.
September 19, 2024

Getting to a monetary policy decision

Speech summary Nicolas Vincent Sherbrooke Chamber of Commerce and Industry Sherbrooke, Quebec
External Deputy Governor Nicolas Vincent gives a behind-the-scenes look at how the Bank of Canada’s Governing Council arrives at its monetary policy decisions.

Decision Synthesis in Monetary Policy

Staff Working Paper 2024-30 Tony Chernis, Gary Koop, Emily Tallman, Mike West
We use Bayesian predictive decision synthesis to formalize monetary policy decision-making. We develop a case-study of monetary policy decision-making of an inflation-targeting central bank using multiple models in a manner that considers decision goals, expectations and outcomes.

Central Bank Digital Currency and Transmission of Monetary Policy

How does the transmission of monetary policy change when a central bank digital currency (CBDC) is introduced in the economy? Does CBDC design matter? We study these questions in a general equilibrium model with nominal rigidities, liquidity frictions, and a banking sector where commercial banks face a leverage constraint.
June 24, 2024

Workers, jobs, growth and inflation—Today and tomorrow

Remarks Tiff Macklem Winnipeg Chamber of Commerce Winnipeg, Manitoba
Governor Tiff Macklem explains why Canada’s labour market has had a fairly smooth adjustment to slowing economic growth. He also discusses Canada’s labour market advantages and the challenge of improving productivity growth and investment.

Impacts of interest rate hikes on the consumption of households with a mortgage

We assess how much the recent rate-hike cycle has and will affect mortgage borrowers' consumption through its impacts on mortgage payments. Our analysis provides insights into the effects of changes in monetary policy on the consumption of mortgage borrowers.
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.

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.
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