November 20, 2018
Central bank research
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How to Manage Macroeconomic and Financial Stability Risks: A New Framework
Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks. -
February 15, 2018
Anchoring Expectations: Canada’s Approach to Price Stability
Deputy Governor Lawrence Schembri examines the success of the Bank’s monetary policy framework and explains the review being undertaken before its renewal in 2021. -
February 8, 2018
At the Crossroads: Innovation and Inclusive Growth
Senior Deputy Governor Carolyn A. Wilkins discusses technological progress and how policy-makers can harness it for economic growth that benefits everyone. -
How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?
We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts. -
Competing Currencies in the Laboratory
We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium selection. -
November 15, 2017
Embracing Uncertainty in the Conduct of Monetary Policy
Senior Deputy Governor Carolyn A. Wilkins explains how uncertainty is factored into monetary policy decisions. -
Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. -
September 14, 2017
Bank of Canada Workshop “Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal”
Deputy Governor Lawrence Schembri opens the Bank’s Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal workshop.