Monetary policy

• COVID-19 Crisis: Lessons Learned for Future Policy Research

  Staff Discussion Paper 2021-2 Jean-Sébastien Fontaine, Corey Garriott, Jesse Johal, Jessica Lee, Andreas Uthemann

  One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Financial markets, Monetary policy JEL Code(s): D, D4, D47, E, E4, E41, E5, G, G0, G01, G1, G14, G2, G20, G21, G23
• February 23, 2021

  Working toward a shared recovery

  Speech summary Tiff Macklem Edmonton Chamber of Commerce and the Calgary Chamber of Commerce Calgary, Alberta, Edmonton, Alberta

  Governor Tiff Macklem discusses how the economy and jobs could be different after the COVID-19 pandemic and what we can do to ensure that everyone benefits as the labour market recovers.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Potential output, Recent economic and financial developments
• February 23, 2021

  Canada’s labour market: rebound, recuperation and restructuring

  Remarks (delivered virtually) Tiff Macklem Edmonton Chamber of Commerce and Calgary Chamber of Commerce Calgary, Alberta, Edmonton, Alberta

  Governor Tiff Macklem talks about the COVID-19 pandemic and major economic forces are affecting the labour market, and the need for all groups to benefits from the recovery.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Potential output, Recent economic and financial developments

• (Optimal) Monetary Policy with and without Debt

  Staff Working Paper 2021-5 Boris Chafwehé, Rigas Oikonomou, Romanos Priftis, Lukas Vogel

  How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, Monetary policy, Monetary policy framework JEL Code(s): C, C1, C11, E, E3, E31, E5, E52, E58, E6, E62

• Qualitative Field Research in Monetary Policy Making

  Staff Discussion Paper 2021-1 Chris D'Souza, Jane Voll

  Central banks conduct research involving in-depth interviews with external parties—but little is known about how this information affects monetary policy. We address this gap by analyzing open-ended interviews with senior central bank economic and policy staff who work closely with policy decision-makers.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, Monetary policy, Monetary policy and uncertainty JEL Code(s): C, C8, C83, E, E3, E37, E5, E52

• Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature

  Staff Discussion Paper 2020-16 Grahame Johnson, Sharon Kozicki, Romanos Priftis, Lena Suchanek, Jonathan Witmer, Jing Yang

  This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E63
• December 17, 2020

  Understanding quantitative easing

  QE is a tool that encourages spending and investment—helping us to achieve our inflation target by stabilizing the economy.

  Content Type(s): Explainers Topic(s): Inflation targets, Monetary policy
• December 15, 2020

  Strengthening our exports

  Speech summary Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  Governor Tiff Macklem talks about the importance of trade and exports to Canada’s economic recovery. He also talks about steps policy-makers and business can take to attract investment and improve competitiveness.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration
• December 15, 2020

  Trading for a sustainable recovery

  Remarks (delivered virtually) Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  Governor Tiff Macklem talks about how important trade is for the economic recovery. He discusses what policymakers and business leaders can do to encourage growth in trade.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration
• December 10, 2020

  How quantitative easing works

  Speech summary Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick

  Deputy Governor Paul Beaudry explains the Bank’s quantitative easing program and its role in the economic recovery. He also discusses the Bank’s decision yesterday to leave the policy rate unchanged.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy transmission