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85 Results

November 20, 2018

Choosing the Best Monetary Policy Framework for Canada

Remarks Carolyn A. Wilkins McGill University Max Bell School of Public Policy Montréal, Quebec
Senior Deputy Governor Carolyn A. Wilkins discusses public policy issues around monetary policy frameworks and how those issues have become more complex in the post-global financial crisis world.

Non-Performing Loans, Fiscal Costs and Credit Expansion in China

Staff Working Paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong
This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default.
September 8, 2018

Investing in Monetary Policy Independence in a Small Open Economy

Remarks Stephen S. Poloz, Césaire Meh Monetary Policy Spillovers in a Financially Integrated World Copenhagen, Denmark
Governor Poloz discusses policies that can help central banks keep the ability to pursue independent monetary policy in a financially integrated global economy.

Time-Consistent Management of a Liquidity Trap with Government Debt

Staff Working Paper 2018-38 Dmitry Matveev
This paper studies optimal discretionary monetary and fiscal policy when the lower bound on nominal interest rates is occasionally binding in a model with nominal rigidities and long-term government debt. At the lower bound it is optimal for the government to temporarily reduce debt.
Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E5, E52, E6, E62, E63

Sources of Borrowing and Fiscal Multipliers

Staff Working Paper 2018-32 Romanos Priftis, Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).
February 15, 2018

Anchoring Expectations: Canada’s Approach to Price Stability

Remarks Lawrence L. Schembri Manitoba Association for Business Economists Winnipeg, Manitoba
Deputy Governor Lawrence Schembri examines the success of the Bank’s monetary policy framework and explains the review being undertaken before its renewal in 2021.

Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan

Staff Working Paper 2017-40 Thuy Lan Nguyen, Dmitriy Sergeyev, Wataru Miyamoto
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB).
Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy JEL Code(s): E, E3, E32, E5, E6, E62
September 14, 2017

Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal

Senior Deputy Governor Carolyn A. Wilkins reviews key themes discussed by participants at the workshop “Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal”.
January 18, 2017

Monetary Policy Report Press Conference Opening Statement

Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

The Doug Purvis Memorial Lecture—Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message

Staff Discussion Paper 2016-13 Stephen S. Poloz
In the Doug Purvis Memorial Lecture, Governor Stephen S. Poloz shows how changing the mix of monetary and fiscal policies can yield the same outcomes for growth and inflation, but lead to different results for public sector and private sector debt levels, which can impact financial stability.
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