Monetary aggregates

• 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.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
• 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.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
• November 1, 2016

  25 Years of Inflation Targets: Certainty for Uncertain Times

  Remarks Stephen S. Poloz Business Council of British Columbia Vancouver, British Columbia

  Governor Stephen S. Poloz discusses the renewal of Canada’s inflation-targeting agreement and how it continues to help the economy.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credibility, Inflation targets, Inflation: costs and benefits, Monetary aggregates, Monetary policy framework
• February 24, 2015

  Lessons New and Old: Reinventing Central Banking

  Remarks Stephen S. Poloz Western University President's Lecture London, Ontario

  Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Inflation and prices, Inflation targets, Monetary aggregates, Monetary policy, Monetary policy framework

• Financial Conditions and the Money-Output Relationship in Canada

  Staff Working Paper 2012-33 Maral Kichian

  We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for that relationship. We show that such a time-varying approach can be a useful way of modelling the impact of money on growth, and can partly reconcile the lack of concensus in the literature on the question of whether money affects growth.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Monetary aggregates JEL Code(s): E, E4, E44, E5, E51

• Resurrecting the Role of Real Money Balance Effects

  Staff Working Paper 2009-24 José Dorich

  I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the early postwar period.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary aggregates, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52
• June 16, 2008

  A Money and Credit Real-Time Database for Canada

  Bank of Canada Review - Summer 2008 Roobina Keshishbanoosy, Pierre St-Amant, Devin Ball, Ivan Medovikov

  Model-based forecasts of important economic variables are part of the range of information considered for monetary policy decision making.

  Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Credit and credit aggregates, Monetary aggregates, Monetary policy and uncertainty

• Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation

  Staff Working Paper 2007-19 Sharon Kozicki, P. A. Tinsley

  This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Monetary aggregates, Monetary policy implementation JEL Code(s): E, E3, E5, N, N1

• Regime Shifts in the Indicator Properties of Narrow Money in Canada

  Staff Working Paper 2006-6 Tracy Chan, Ramdane Djoudad, Jackson Loi

  Financial innovations and the removal of the reserve requirements in the early 1990s have made the distinction between demand and notice deposits arbitrary.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary aggregates JEL Code(s): E, E4, E40, E42, E5, E50

• Money and Credit Factors

  Staff Working Paper 2006-3 Paul Gilbert, Erik Meijer

  The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Econometric and statistical methods, Monetary aggregates JEL Code(s): C, C4, C43, C8, C82, E, E5, E51