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233 Results

How to Manage Macroeconomic and Financial Stability Risks: A New Framework

Staff Analytical Note 2018-11 Alexander Ueberfeldt, Thibaut Duprey
Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks.

Could a Higher Inflation Target Enhance Macroeconomic Stability?

Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve macroeconomic stability in the Canadian economy.
March 22, 2018

Financial Stability: Taking Care of Unfinished Business

Remarks Carolyn A. Wilkins Rotman School of Management conference Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins discusses three areas in which work remains to be done to improve financial stability.
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.
November 16, 2017

An Initial Assessment of Changes to the Bank of Canada’s Framework for Market Operations

The Bank of Canada made changes to several of the tools that make up its framework for operations and liquidity provision. These changes came about after a comprehensive re-view of the framework and are designed to help the Bank better achieve its objectives of reinforcing the target for the overnight rate and supporting the well-functioning of Cana-dian financial markets under normal market conditions.

Redistributive Effects of a Change in the Inflation Target

Staff Analytical Note 2017-13 Robert Amano, Thomas J. Carter, Yaz Terajima
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Inflation targets, Monetary policy framework JEL Code(s): E, E5, E52, E58

Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada

Staff Working Paper 2017-39 Julien Champagne, Rodrigo Sekkel
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada.
September 14, 2017

Bank of Canada Workshop “Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal”

Deputy Governor Lawrence Schembri opens the Bank’s Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal workshop.
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”.

Monetary Policy Implementation in a Negative Rate Environment

Staff Working Paper 2017-25 Michael Boutros, Jonathan Witmer
Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants.
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