May 12, 2022 The perfect storm Remarks Toni Gravelle Association des économistes québécois Montréal, Quebec Deputy Governor Toni Gravelle discusses the commodity price shock and its implications for the Canadian economy and monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Exchange rates, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, International topics, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Recent economic and financial developments
May 12, 2022 How commodity prices affect our economy Speech summary Toni Gravelle Association des économistes québécois Montréal, Quebec Deputy Governor Toni Gravelle talks about the spike in commodity prices over the past two years, the impact on inflation and how the Bank of Canada is responding. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Exchange rates, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, International topics, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Recent economic and financial developments
March 25, 2022 A world of difference: Households, the pandemic and monetary policy Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Economic models, Housing, Inflation and prices, Labour markets, Monetary policy, Monetary policy framework, Recent economic and financial developments
March 25, 2022 Household differences and why they matter Speech summary Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California Deputy Governor Sharon Kozicki talks about why differences in income, wealth and debt across households are important for the economy and what the Bank of Canada will be watching for as interest rates rise. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Economic models, Housing, Inflation and prices, Labour markets, Monetary policy, Monetary policy framework, Recent economic and financial developments
COVID-19, Containment and Consumption Staff Discussion Paper 2022-5 Tatjana Dahlhaus, Daniel Hyun, Antoine Poulin-Moore, Jaime Trujillo, Saarah Sheikh, Benjamin Straus We assess the impact of COVID-19 on consumption indicators by estimating the effects of government-mandated containment measures and of the willingness of individuals to voluntarily physically distance to prevent contagion. Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Domestic demand and components JEL Code(s): C, C2, C23, D, D1, D12, E, E6, E65, I, I1, I18
March 3, 2022 Economic progress report: Controlling inflation Remarks (delivered virtually) Tiff Macklem CFA Society Toronto Toronto, Ontario Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and what’s driving inflation in Canada. He also discusses how the Bank will manage the next step in the Bank’s balance sheet operations – quantitative tightening. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
March 3, 2022 Getting inflation back to target Speech summary Tiff Macklem CFA Society Toronto Toronto, Ontario Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to raise its policy interest rate. He explains that after two years of extraordinary stimulus, we are now on a path of rising interest rates. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
December 9, 2021 Keeping our eyes on inflation Speech summary Toni Gravelle Surrey Board of Trade Surrey, British Columbia Deputy Governor Toni Gravelle talks about the Bank of Canada’s decision yesterday to leave the policy rate unchanged. He explains the link between supply bottlenecks and high inflation and why the Bank thinks both will ease over time. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector
December 9, 2021 Economic progress report: A recovery unlike any other Remarks (delivered virtually) Toni Gravelle Surrey Board of Trade Surrey, British Columbia Deputy Governor Toni Gravelle provides an economic update and discusses the relationship between supply bottlenecks and inflation. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector
The COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey Staff Working Paper 2021-57 Alexander Hodbod, Cars Hommes, Stefanie J. Huber, Isabelle Salle A multi-country consumer survey investigates why and how much households decreased their consumption in five key sectors after pandemic-related restrictions were lifted in Europe in July 2020. Beyond infection risk and precautionary saving motives, households also reported not missing some consumption items, which may indicate preference shifts and structural changes in the post-COVID-19 economy. Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Firm dynamics, Fiscal policy, Recent economic and financial developments JEL Code(s): D, D1, D12, D8, D81, D84, E, E2, E21, E6, E60, E7, E71