September 9, 2021 Economic progress report: Monetary policy for the recovery Remarks (delivered virtually) Tiff Macklem Fédération des chambres de commerce du Québec Montréal, Quebec Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and discusses how the Bank could adjust monetary policy and its quantitative easing program as the recovery progresses. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Monetary policy implementation, Recent economic and financial developments, Sectoral balance sheet
Canadian job postings in digital sectors during COVID-19 Staff Analytical Note 2021-18 Alejandra Bellatin, Gabriela Galassi Digital technologies have helped maintain economic activity while allowing people to remain physically distant throughout the COVID-19 crisis. This note shows that the number of online postings for jobs related to the production of digital technologies in Canada decreased less than the number for other jobs and recovered more quickly after lockdowns were lifted. Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Labour markets JEL Code(s): E, E2, E24, J, J2, J23, J6, J63, J64, O, O3, O33
The uneven economic consequences of COVID 19: A structural analysis Staff Analytical Note 2021-17 Martin Kuncl, Austin McWhirter, Alexander Ueberfeldt Using a structural model, we study the economic consequences of the COVID-19 shock. The uneven consequences, such as higher unemployment among young households, amplify the negative implications for the macroeconomy, household vulnerabilities and consumption inequality. Government support programs have stimulated the economy and lowered inequality and medium-term vulnerabilities. Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Fiscal policy, Monetary policy JEL Code(s): E, E2, E20, E5, E52, E6, E62
Cash and COVID-19: The impact of the second wave in Canada Staff Discussion Paper 2021-12 Heng Chen, Walter Engert, Marie-Hélène Felt, Kim Huynh, Gradon Nicholls, Daneal O’Habib, Julia Zhu The COVID-19 pandemic significantly increased the demand for cash. Cash in circulation increased sharply from March through December 2020, particularly in the early months of this period. Although use of electronic methods of payment also increased significantly, cash use for payments remains high for low-value transactions and among certain demographic groups. Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes, Central bank research, Coronavirus disease (COVID-19), Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54
Sequencing Extended Monetary Policies at the Effective Lower Bound Staff Discussion Paper 2021-10 Yang Zhang, Lena Suchanek, Jonathan Swarbrick, Joel Wagner, Tudor Schlanger In this analysis, we use simulations in the Bank of Canada’s projection model—the Terms-of-Trade Economic Model—to consider a suite of extended monetary policies to support the economy following the COVID-19 crisis. Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Monetary policy, Monetary policy transmission JEL Code(s): E, E3, E4, E5, E52, E58
June 16, 2021 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Tiff Macklem Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19), Financial stability, Monetary policy, Recent economic and financial developments
June 10, 2021 Going digital has helped the economy through COVID-19 Speech summary Timothy Lane Western Canadian Chapters of Advocis Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba Deputy Governor Timothy Lane talks about the Bank’s decision yesterday to leave the policy rate unchanged. He also discusses how adopting digital technologies supported resilience during the COVID-19 pandemic. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Productivity, Recent economic and financial developments
June 10, 2021 The digital transformation and Canada’s economic resilience Remarks (delivered virtually) Timothy Lane Advocis Western Canada Chapters Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba Deputy Governor Tim Lane talks about the Bank’s latest interest rate announcement and discusses how the digital transformation has supported resilience through the pandemic and may be adding to the economy’s growth potential. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Productivity, Recent economic and financial developments
The Geography of Pandemic Containment Staff Working Paper 2021-26 Elisa Giannone, Nuno Paixao, Xinle Pang Interconnectedness between US states has affected the evolution of the COVID-19 pandemic. We study the optimal containment policies regulating the movement of goods and people within and between states. Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Economic models, Regional economic developments JEL Code(s): F, F1, H, H0, I, I1, R, R1
COVID-19 and Implications for Automation Staff Working Paper 2021-25 Alex Chernoff, Casey Warman Occupations held by females with mid-level education face the highest risk of accelerated automation as a result of the COVID-19 pandemic. Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), International topics, Labour markets JEL Code(s): I, I1, I14, I2, I24, J, J1, J15, J16, R, R1, R12