September 7, 2023 Staying the course Speech summary Tiff Macklem Calgary Chamber of Commerce Calgary, Alberta Speaking a day after we decided to maintain the policy interest rate at 5%, Governor Tiff Macklem explores some key factors behind the decision. He also explains why the 2% inflation target supports a stable economy and greater prosperity for households and businesses. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Credibility, Domestic demand and components, Expectations, Firm dynamics, Inflation and prices, Inflation targets, Inflation: costs and benefits, Labour markets, Monetary policy, Monetary policy framework, Monetary policy transmission, Price stability, Recent economic and financial developments
September 7, 2023 Economic progress report: Target in sight, but we’re not there yet Remarks Tiff Macklem Calgary Chamber of Commerce Calgary, Alberta Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and what’s happening with inflation beyond the headline numbers. He also discusses why the Bank’s 2% inflation target is the right one. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credibility, Domestic demand and components, Expectations, Firm dynamics, Inflation and prices, Inflation targets, Inflation: costs and benefits, Labour markets, Monetary policy, Monetary policy framework, Monetary policy transmission, Price stability, Recent economic and financial developments
What Can Earnings Calls Tell Us About the Output Gap and Inflation in Canada? Staff Discussion Paper 2023-13 Marc-André Gosselin, Temel Taskin We construct new indicators of demand and supply for the Canadian economy by using natural language processing techniques to analyze earnings calls of publicly listed firms. Our results indicate that the new indicators could help central banks identify inflationary pressures in real time. Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Domestic demand and components, Econometric and statistical methods, Inflation and prices, Potential output JEL Code(s): C, C1, C3, E, E3, E5
June 8, 2023 Economic progress report: Are we entering a new era of higher interest rates? Remarks Paul Beaudry Greater Victoria Chamber of Commerce Victoria, British Columbia Deputy Governor Paul Beaudry discusses the latest interest rate decision and suggests reasons why longer-term interest rates could remain higher than they were before the pandemic. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Housing, Inflation and prices, Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy transmission, Price stability, Recent economic and financial developments, Service sector
June 8, 2023 Adjusting to higher interest rates Speech summary Paul Beaudry Greater Victoria Chamber of Commerce Victoria, British Columbia Speaking a day after we raised interest rates, Deputy Governor Paul Beaudry talks about what Governing Council considered in its decision. He also suggests reasons why long-term interest rates could remain higher than they were before the COVID-19 pandemic. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Housing, Inflation and prices, Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy transmission, Price stability, Recent economic and financial developments, Service sector
Time Use and Macroeconomic Uncertainty Staff Working Paper 2023-29 Matteo Cacciatore, Stefano Gnocchi, Daniela Hauser We estimate the effects of economic uncertainty on time use and discuss its macroeconomic implications. We develop a model to demonstrate that substitution between market and non-market work provides an additional insurance margin to households, weakening precautionary savings and labour supply and lowering aggregate demand, ultimately amplifying the contractionary effects of uncertainty. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy and uncertainty JEL Code(s): E, E2, E24, E3, E32, E5, E52, J, J2, J22
March 9, 2023 Economic progress report: Thinking globally, acting locally Remarks Carolyn Rogers Manitoba Chambers of Commerce Winnipeg, Manitoba Senior Deputy Governor Carolyn Rogers discusses the Bank’s latest interest rate decision and recent global and domestic developments, including how Canada’s economic and inflation experience compares with other countries. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Firm dynamics, Inflation and prices, Inflation targets, Interest rates, International topics, Labour markets, Monetary policy, Price stability, Recent economic and financial developments
March 9, 2023 Understanding the reasons for high inflation Speech summary Carolyn Rogers Manitoba Chambers of Commerce Winnipeg, Manitoba Speaking a day after we decided to hold the policy rate, Senior Deputy Governor Carolyn Rogers talks about the factors behind high inflation and how we know inflation is falling. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Firm dynamics, Inflation and prices, Inflation targets, Interest rates, International topics, Labour markets, Monetary policy, Price stability, Recent economic and financial developments
February 7, 2023 Monetary policy at work Remarks Tiff Macklem CFA Québec Québec, Québec Bank of Canada Governor Tiff Macklem explains how recent interest rate increases work their way through the Canadian economy to slow demand and bring inflation down. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Exchange rates, Inflation and prices, Interest rates, Monetary policy, Monetary policy transmission, Recent economic and financial developments
February 7, 2023 Higher interest rates are working Speech summary Tiff Macklem CFA Québec Québec, Québec Governor Tiff Macklem explains how the Bank of Canada’s increases to the policy interest rate will cool the economy and bring inflation down. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Exchange rates, Inflation and prices, Interest rates, Monetary policy, Monetary policy transmission, Recent economic and financial developments