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219 Results

Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution

Staff Discussion Paper 2019-11 Stephen S. Poloz
This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.”
September 5, 2019

Economic Progress Report: Inflation in Canada—Well Behaved and Well Controlled

Remarks Lawrence L. Schembri Halifax Regional Chamber of Commerce Halifax, Nova Scotia
Deputy Governor Lawrence Schembri discusses the Bank’s latest interest rate announcement and the behaviour of inflation in Canada.
September 5, 2019

Canadian economy resilient even as global outlook worsens

Speech summary Lawrence L. Schembri Halifax Chamber of Commerce Halifax, Nova Scotia
Speaking a day after we decided to hold interest rates steady, Deputy Governor Lawrence Schembri discussed the key points Governing Council considered in their decision.

A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update

Staff Discussion Paper 2019-9 Helen Lao, Ceciline Steyn
We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria.
June 17, 2019

The merits of a floating exchange rate

Speech summary Lawrence L. Schembri Economics Society of Northern Alberta (ESNA) Edmonton, Alberta
Deputy Governor Lawrence Schembri explains how Canada’s monetary policy framework—inflation targeting underpinned by a flexible exchange rate—has proved to be the most durable in the post-war period.

Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment

We show that issuing a deposit-like central bank digital currency (CBDC) with a proper interest rate would encourage banks to pay higher interest to keep their customers. Banks would then attract more deposits and offer more loans. Hence, a CBDC would not necessarily crowd out private banking.

Labor Mobility in a Monetary Union

Staff Working Paper 2019-15 Daniela Hauser, Martin Seneca
The optimal currency literature has stressed the importance of labor mobility as a precondition for the success of monetary unions. But only a few studies formally link labor mobility to macroeconomic adjustment and policy. In this paper, we study macroeconomic dynamics and optimal monetary policy in an economy with cyclical labor flows across two distinct regions that share trade links and a common monetary framework.
February 21, 2019

Toward 2021: The Power—and Limitations—of Policy

Remarks Stephen S. Poloz The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec
Governor Poloz explains that monetary policy is a powerful tool to promote economic welfare, but it also has some important limits.
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