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311 Results

Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models

Staff Working Paper 2023-59 Tao Wang
Perceived income risks reported in a survey of consumer expectations are more heterogeneous and, on average, lower than indirectly calibrated risks based on panel data. They prove to be one explanation for why a large fraction of households hold very little liquid savings and why accumulated wealth is widely unequal across households.
December 21, 2023

How higher interest rates affect inflation

When the Bank of Canada changes its policy interest rate, it affects every part of the economy – but that does not happen all at once. Learn more about how raising and lowering interest rates takes effect through the monetary policy transmission mechanism.
December 15, 2023

Lessons learned and looking ahead

Speech summary Tiff Macklem Canadian Club Toronto Toronto, Ontario
In his year-end remarks, Governor Tiff Macklem discusses how lessons learned from recent economic volatility are reshaping the way the Bank of Canada conducts economic analysis and communicates with the public.
December 15, 2023

The path to price stability

Remarks Tiff Macklem Canadian Club Toronto Toronto, Ontario
Governor Tiff Macklem discusses how the economy will continue to adjust to higher interest rates in the year ahead, and outlines what Canadians can expect from the Bank of Canada.

Making It Real: Bringing Research Models into Central Bank Projections

Staff Discussion Paper 2023-29 Marc-André Gosselin, Sharon Kozicki
Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Monetary policy JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52
December 7, 2023

Economic progress report: Immigration, housing and the outlook for inflation

Remarks Toni Gravelle Windsor–Essex Regional Chamber of Commerce Windsor, Ontario
Deputy Governor Toni Gravelle discusses the latest interest rate decision along with how immigration helps Canada’s economy and how it impacts inflation.
December 7, 2023

What population growth means for the economy and inflation

Speech summary Toni Gravelle Windsor-Essex Regional Chamber of Commerce Windsor, Ontario
Speaking a day after we decided to hold interest rates steady at 5%, Deputy Governor Toni Gravelle discusses immigration, inflation and the role that newcomers play in helping our economy grow.
November 22, 2023

Fighting to get back to low inflation

Speech summary Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick
Governor Tiff Macklem outlines how high inflation is hurting Canadians and how monetary policy is working to bring it down. He also explains why the Bank of Canada must stay the course in its inflation fight.
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