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189 Results

(Optimal) Monetary Policy with and without Debt

How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.

Qualitative Field Research in Monetary Policy Making

Staff Discussion Paper 2021-1 Chris D'Souza, Jane Voll
Central banks conduct research involving in-depth interviews with external parties—but little is known about how this information affects monetary policy. We address this gap by analyzing open-ended interviews with senior central bank economic and policy staff who work closely with policy decision-makers.

Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature

This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.
December 15, 2020

Strengthening our exports

Speech summary Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia
Governor Tiff Macklem talks about the importance of trade and exports to Canada’s economic recovery. He also talks about steps policy-makers and business can take to attract investment and improve competitiveness.
December 10, 2020

How quantitative easing works

Speech summary Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick
Deputy Governor Paul Beaudry explains the Bank’s quantitative easing program and its role in the economic recovery. He also discusses the Bank’s decision yesterday to leave the policy rate unchanged.
December 10, 2020

Our quantitative easing operations: looking under the hood

Remarks (delivered virtually) Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick
Deputy Governor Paul Beaudry talks about the Bank’s latest interest rate announcement and discusses how quantitative easing supports economic recovery and the 2% inflation target.

2020 US Neutral Rate Assessment

This paper presents Bank of Canada staff’s current assessment of the US neutral rate, along with a newly developed set of models on which that assessment is based. The overall assessment is that the US neutral rate currently lies in a range of 1.75 to 2.75 percent.
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