International topics

• August 26, 2025

  Inflation targeting: A framework for today and tomorrow

  Speech summary Tiff Macklem Bank of Mexico 100ᵗʰ Anniversary Seminar Mexico City, Mexico

  Governor Tiff Macklem discusses how inflation targeting became a leading strategy among central banks for maintaining price stability. He also talks about structural change ahead, shifts in global trade and ensuring monetary policy is fit for the future.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Central bank research, Credibility, Economic models, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Price stability
• August 26, 2025

  Flexible inflation targeting in a shock-prone world

  Remarks Tiff Macklem Bank of Mexico 100ᵗʰ Anniversary Seminar Mexico City, Mexico

  Governor Tiff Macklem discusses how inflation targeting became a leading strategy for maintaining price stability and how the Bank of Canada is ensuring its monetary policy framework is fit for future challenges.

  Content Type(s): Press, Speeches and appearances Research Topic(s): Central bank research, Credibility, Economic models, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Price stability
• August 14, 2025

  The difference between a trade surplus and a trade deficit

  A trade surplus and a trade deficit are both measures of a country’s balance of trade. They are a calculation of whether a country exports or imports more.

  Content Type(s): Explainers Research Topic(s): Inflation and prices, International topics
• July 17, 2025

  How economic uncertainty disrupts investment

  

  Business investment plays a pivotal role in economic growth.

  Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Expectations, International topics, Price stability, Productivity, Trade integration

• Assessing tariff pass-through to consumer prices in Canada: Lessons from 2018

  Staff Analytical Note 2025-18 Alexander Lam

  US trade protectionism is making the economic outlook increasingly uncertain. To assess how consumer prices may respond to tariffs, we examine a tariff episode from 2018 using detailed microdata and the synthetic control method.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Inflation and prices, International topics, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E30, E31, F, F1, F10, F13, F14
• June 18, 2025

  The impact of US trade policy on jobs and inflation in Canada

  Remarks Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador

  Governor Tiff Macklem discusses how the trade conflict with the United States has affected the Canadian economy. He explains that restoring open trade is critical for jobs and growth, and important for prices and inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Expectations, Inflation and prices, International topics, Labour markets, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
• June 18, 2025

  Trade, jobs and inflation

  Speech summary Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador

  Governor Tiff Macklem discusses the trade conflict with the United States and how it is has affected the Canadian economy. He explains that restoring open trade is important for jobs, growth and price stability in Canada.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Expectations, Inflation and prices, International topics, Labour markets, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
• June 11, 2025

  What is a tariff?

  A tariff is a tax on imports from another country. It can increase the prices consumers and businesses pay for that good.

  Content Type(s): Explainers Research Topic(s): Credibility, Expectations, Inflation and prices, International topics

• The Mutable Geography of Firms’ International Trade

  Staff Working Paper 2025-11 Lu Han

  Exporters frequently change their market destinations. This paper introduces a new approach to identifying the drivers of these decisions over time. Analysis of customs data from China and the UK shows most changes are driven by demand rather than supply-related shocks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Firm dynamics, International topics, Trade integration JEL Code(s): F, F1, F12, F14, L, L1, L11
• March 20, 2025

  Navigating tariff uncertainty

  Remarks Tiff Macklem Calgary Economic Development Calgary, Alberta

  Governor Tiff Macklem discusses how the US trade conflict and uncertainty is hurting business and consumer confidence. He also outlines what the Bank is doing to ensure the trade conflict doesn’t cause widespread or persistent inflation.

  Content Type(s): Press, Speeches and appearances Research Topic(s): Inflation and prices, International topics, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration