November 22, 2023 Ending the pain of high inflation Remarks Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick Bank of Canada Governor Tiff Macklem explains how high inflation is hurting Canadians and how monetary policy is working to bring inflation back to target. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability
November 22, 2023 Fighting to get back to low inflation Speech summary Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick Governor Tiff Macklem outlines how high inflation is hurting Canadians and how monetary policy is working to bring it down. He also explains why the Bank of Canada must stay the course in its inflation fight. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability
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
Inflation, Output, and Welfare in the Laboratory Staff Working Paper 2023-11 Janet Hua Jiang, Daniela Puzzello, Cathy Zhang We investigate the effect of inflation on output and welfare in the laboratory. Consistent with monetary theory, we find that inflation acts as a tax on monetary exchange and reduces output and welfare. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation: costs and benefits, Monetary policy JEL Code(s): C, C9, C92, D, D8, D83, E, E4, E40
Understanding Post-COVID Inflation Dynamics Staff Working Paper 2022-50 Martin Harding, Jesper Lindé, Mathias Trabandt We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. Our model can generate more sizable inflation surges due to cost-push and demand shocks than a standard linearized model when inflation is high. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Central bank research, Coronavirus disease (COVID-19), Economic models, Inflation and prices, Inflation: costs and benefits, Monetary policy, Monetary policy implementation JEL Code(s): E, E3, E30, E31, E32, E37, E4, E44, E5, E52
October 6, 2022 What’s happening to inflation and why it matters Remarks Tiff Macklem Halifax Chamber of Commerce Halifax, Nova Scotia Governor Tiff Macklem discusses how inflation has evolved in recent months and explains what the Bank is watching as it takes action to return inflation to target. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Price stability, Recent economic and financial developments, Service sector
October 6, 2022 Restoring price stability for all Canadians Speech summary Tiff Macklem Halifax Chamber of Commerce Halifax, Nova Scotia Governor Tiff Macklem explains how inflation in Canada reflects more and more what’s happening with domestic demand and what the Bank is watching as it works to bring inflation back to the 2% target. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Price stability, Recent economic and financial developments, Service sector
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