January 30, 2020
Monetary policy
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January 30, 2020
Monetary Policy and Financial Vulnerabilities
Deputy Governor Paul Beaudry discusses how financial vulnerabilities present a challenge for monetary policy. -
Managing GDP Tail Risk
Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs. -
Social Learning and Monetary Policy at the Effective Lower Bound
This research develops a model in which the economy is directly influenced by how pessimistic or optimistic economic agents are about the future. The agents may hold different views and update them as new economic data become available. -
Monetary Policy and Government Debt Dynamics Without Commitment
I show that maturity considerations affect the optimal conduct of monetary and fiscal policy during a period of government debt reduction. I consider a New Keynesian model and study a dynamic game of monetary and fiscal policy authorities without commitment, characterizing the incentives that drive the choice of interest rate. -
Furor over the Fed : Presidential Tweets and Central Bank Independence
We illustrate how market data can be informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about monetary policy decisions. -
Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt
This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers. -
December 5, 2019
Economic Progress Report: Charting Our Own Course
Deputy Governor Timothy Lane talks about the different monetary policy paths taken by Canada and the United States over the last decade and reviews the Bank of Canada’s latest interest rate decision. -
December 5, 2019
Canadian economy resilient despite global uncertainty
Speaking a day after we decided to hold interest rates steady, Deputy Governor Timothy Lane explained that Canada’s economy remains resilient. -
The Economics of Cryptocurrencies—Bitcoin and Beyond
Since the creation of Bitcoin in 2009, over 2,000 cryptocurrencies have been issued. We evaluate how well a cryptocurrency functions as a payment system.