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29 Results

Looking Through Supply Shocks versus Controlling Inflation Expectations: Understanding the Central Bank Dilemma

Staff Working Paper 2022-41 Paul Beaudry, Thomas J. Carter, Amartya Lahiri
Why might central banks want to look through supply-driven inflation sometimes and pivot away at other times? When does a change in monetary policy stance help anchor expectations? In this paper we present a simple environment that helps clarify these issues by offering an optimal policy perspective on recent central bank behaviour.

How Do People View Price and Wage Inflation?

Staff Working Paper 2022-34 Monica Jain, Olena Kostyshyna, Xu Zhang
This paper examines household-level data from the Canadian Survey of Consumer Expectations (CSCE) to understand households’ expectations about price and wage inflation, how those expectations link to views about labour market conditions and the subsequent impact on households’ outlook for real spending growth.

A Horse Race of Monetary Policy Regimes: An Experimental Investigation

Staff Working Paper 2022-33 Olena Kostyshyna, Luba Petersen, Jing Yang
How should central banks design monetary policy in stable times and during recessions? We run a horse race between five monetary policy frameworks in an experimental laboratory to assess how well the different approaches can manage the public’s expectations and stabilize the economy.
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.
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.

More Than Words: Fed Chairs’ Communication During Congressional Testimonies

Staff Working Paper 2022-20 Michelle Alexopoulos, Xinfen Han, Oleksiy Kryvtsov, Xu Zhang
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility.
May 3, 2022

The Bank of Canada: A matter of trust

Remarks Carolyn Rogers Women in Capital Markets Toronto, Ontario
Senior Deputy Governor Carolyn Rogers discusses how the Bank of Canada’s independence and accountability help build public trust.
May 3, 2022

Earning the trust of Canadians

Speech summary Carolyn Rogers Women in Capital Markets Toronto, Ontario
In her first speech with the Bank of Canada, Senior Deputy Governor Carolyn Rogers talks about how independence and accountability help the Bank build and maintain trust.
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.
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.
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