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92 Results

February 6, 2024

Monetary policy: It’s perfectly imperfect

Speech summary Tiff Macklem Montreal Council on Foreign Relations Montréal, Quebec
Governor Tiff Macklem speaks about the effectiveness—and limitations—of monetary policy. He highlights how raising and lowering the policy interest rate ultimately keeps inflation low, stable and predictable, despite significant shocks to the economy.
February 6, 2024

Monetary policy: The right tool for the right job

Remarks Tiff Macklem Montreal Council on Foreign Relations Montréal, Quebec
Governor Tiff Macklem discusses how monetary policy is working to bring inflation down—and how it has worked to return inflation to target over the last 25 years. He also talks about the limits of monetary policy, and why the right focus is on controlling inflation in the medium term.

Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas

Staff Working Paper 2023-62 Qi Li, Xu Zhang
We find that minority households see greater declines in housing returns and entries into homeownership than White households after a tightening of monetary policy. Our findings emphasize the unintended consequences of monetary policy on racial inequality in the housing market.
Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Housing, Monetary policy JEL Code(s): E, E4, E40, E5, E52, R, R0, R00

Assessing the effects of higher immigration on the Canadian economy and inflation

We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth.
December 7, 2023

Economic progress report: Immigration, housing and the outlook for inflation

Remarks Toni Gravelle Windsor–Essex Regional Chamber of Commerce Windsor, Ontario
Deputy Governor Toni Gravelle discusses the latest interest rate decision along with how immigration helps Canada’s economy and how it impacts inflation.
December 7, 2023

What population growth means for the economy and inflation

Speech summary Toni Gravelle Windsor-Essex Regional Chamber of Commerce Windsor, Ontario
Speaking a day after we decided to hold interest rates steady at 5%, Deputy Governor Toni Gravelle discusses immigration, inflation and the role that newcomers play in helping our economy grow.

Predicting Changes in Canadian Housing Markets with Machine Learning

Staff Discussion Paper 2023-21 Johan Brannlund, Helen Lao, Maureen MacIsaac, Jing Yang
We apply two machine learning algorithms to forecast monthly growth of house prices and existing homes sales in Canada. Although the algorithms can sometimes outperform a linear model, the improvement in forecast accuracy is not always statistically significant.
September 19, 2023

Household differences and monetary policy

Speech summary Sharon Kozicki University of Regina Regina, Saskatchewan
Deputy Governor Sharon Kozicki talks about how differences in debt, income and savings across households shaped their experience through the COVID-19 pandemic and how this is affecting monetary policy now.
September 19, 2023

Rebalancing the economy while managing risks

Remarks Sharon Kozicki University of Regina Regina, Saskatchewan
Bank of Canada Deputy Governor Sharon Kozicki talks about how household differences have affected the way that monetary policy is transmitted. She also discusses how the Bank is considering the role of mortgage interest costs in inflation.
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