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181 Results

Monetary Policy, Trends in Real Interest Rates and Depressed Demand

Staff Working Paper 2021-27 Paul Beaudry, Césaire Meh
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.
June 10, 2021

Going digital has helped the economy through COVID-19

Speech summary Timothy Lane Western Canadian Chapters of Advocis Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba
Deputy Governor Timothy Lane talks about the Bank’s decision yesterday to leave the policy rate unchanged. He also discusses how adopting digital technologies supported resilience during the COVID-19 pandemic.
June 10, 2021

The digital transformation and Canada’s economic resilience

Remarks (delivered virtually) Timothy Lane Advocis Western Canada Chapters Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba
Deputy Governor Tim Lane talks about the Bank’s latest interest rate announcement and discusses how the digital transformation has supported resilience through the pandemic and may be adding to the economy’s growth potential.

Shaping the future: Policy shocks and the GDP growth distribution

Can central bank and government policies impact the risks around the outlook for GDP growth? We find that fiscal stimulus makes strong GDP growth more likely—even more so when monetary policy is constrained—rather than weak GDP growth less likely. Thus, fiscal stimulus should accelerate the recovery phase of the COVID-19 pandemic.

Optimal Monetary and Macroprudential Policies

Staff Working Paper 2021-21 Josef Schroth
Macroprudential policy should aim for bank balance sheets that are larger and safer during normal times but smaller and riskier during financial crises. During recoveries from financial crises, monetary policy should complement macroprudential policy by being less expansive than what would be required to close the labour gap.