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215 Results

Third-Country Effects of U.S. Immigration Policy

Staff Working Paper 2023-60 Agostina Brinatti, Xing Guo
We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change.
December 15, 2023

Lessons learned and looking ahead

Speech summary Tiff Macklem Canadian Club Toronto Toronto, Ontario
In his year-end remarks, Governor Tiff Macklem discusses how lessons learned from recent economic volatility are reshaping the way the Bank of Canada conducts economic analysis and communicates with the public.
December 15, 2023

The path to price stability

Remarks Tiff Macklem Canadian Club Toronto Toronto, Ontario
Governor Tiff Macklem discusses how the economy will continue to adjust to higher interest rates in the year ahead, and outlines what Canadians can expect from the Bank of Canada.

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.
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.

Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans

Staff Working Paper 2023-54 Michael Boutros, Nuno Clara, Francisco Gomes
We investigate alternative student debt contracts that defer payments and ease the burden of student loans on US households by preserving disposable income early in borrowers’ lives. Our model shows substantial welfare gains from these contracts relative to existing plans and gains similar to the Biden administration's proposals but with a significantly lower cost.
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