March 9, 2023
Labour markets
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March 9, 2023
Understanding the reasons for high inflation
Speaking a day after we decided to hold the policy rate, Senior Deputy Governor Carolyn Rogers talks about the factors behind high inflation and how we know inflation is falling. -
Monetary Policy, Credit Constraints and SME Employment
We revisit an old question: how do financial constraints affect the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines firm-level employment and balance sheet data, identified monetary policy shocks and survey data on financing activities. -
Are Working Hours Complements in Production?
Using Canadian matched employer-employee data, we show that working hours of different workers are gross complements in production rather than perfect substitutes, as is typically assumed by macroeconomic models of production. -
Canada’s Beveridge curve and the outlook for the labour market
Canada’s labour market is tight but beginning to ease. Unemployment will likely rise in turn, but the economy can avoid a recessionary surge given current conditions. Higher unemployment would nonetheless be material, especially for those directly impacted. -
November 14, 2022
Opening remarks
Governor Tiff Macklem speaks about the need to make economics, finance and central banking more diverse and inclusive. -
November 10, 2022
Getting back to stable prices and a balanced jobs market
Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy. -
November 10, 2022
Restoring labour market balance and price stability
Governor Tiff Macklem outlines the link between high inflation and tight labour markets. He explains how the Bank is working to rebalance the labour market and discusses how structural changes may influence the supply of workers in Canada. -
October 6, 2022
What’s happening to inflation and why it matters
Governor Tiff Macklem discusses how inflation has evolved in recent months and explains what the Bank is watching as it takes action to return inflation to target. -
October 6, 2022
Restoring price stability for all Canadians
Governor Tiff Macklem explains how inflation in Canada reflects more and more what’s happening with domestic demand and what the Bank is watching as it works to bring inflation back to the 2% target.