Monetary Policy

• September 27, 2017 The Meaning of “Data Dependence”: An Economic Progress Report

  Remarks Stephen S. Poloz St. John’s Board of Trade St. John's, Newfoundland and Labrador

  Governor Stephen S. Poloz discusses how unknowns in Canada’s inflation outlook have made the Bank’s monetary policy particularly data dependent.

  Content Type(s): Press, Speeches Topic(s): Business fluctuations and cycles, Inflation and prices, Monetary Policy, Recent economic and financial developments, Regional economic developments, Uncertainty and monetary policy

• Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada

  Staff Working Paper 2017-39 Julien Champagne, Rodrigo Sekkel

  We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Central bank research, Econometric and statistical methods, Exchange rate regimes, Inflation and prices, Inflation targets, Interest rates, Monetary Policy, Monetary policy framework JEL Code(s): E, E3, E31, E32, E4, E43, E5, E52, E58

• Cross-Border Bank Flows and Monetary Policy: Implications for Canada

  Staff Working Paper 2017-34 Ricardo Correa, Teodora Paligorova, Horacio Sapriza, Andrei Zlate

  Using the Bank for International Settlements (BIS) Locational Banking Statistics data on bilateral bank claims from 1995 to 2014, we analyze the impact of monetary policy on cross-border bank flows. We find that monetary policy in a source country is an important determinant of cross-border bank flows.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Monetary Policy JEL Code(s): F, F3, F34, F36, G, G0, G01

• Quantitative Easing and Long‐Term Yields in Small Open Economies

  Staff Working Paper 2017-26 Antonio Diez de los Rios, Maral Shamloo

  We compare the Federal Reserve’s asset purchase programs with those implemented by the Bank of England and the Swedish Riksbank, and the Swiss National Bank’s reserve expansion program.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Interest rates, Monetary Policy JEL Code(s): E, E4, E43, E5, E52, E58, G, G1, G12

• July 12, 2017 Monetary Policy Report Press Conference Opening Statement

  Opening Statement Stephen S. Poloz, Carolyn A. Wilkins Ottawa, Ontario

  Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Interest rates, Labour markets, Monetary Policy, Monetary policy implementation, Recent economic and financial developments

• June 12, 2017 Canadian Economic Update: Strength in Diversity

  Remarks Carolyn A. Wilkins The Associates of the Asper School of Business Winnipeg, Manitoba

  Senior Deputy Governor Carolyn A. Wilkins talks about encouraging signs that growth is broadening across Canada’s regions and sectors.

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Labour markets, Monetary Policy, Recent economic and financial developments, Regional economic developments, Sectoral balance sheet

• May 11, 2017 The Digital Economy

  Bank of Canada Review - Spring 2017 Chris D'Souza, David Williams

  Digital technologies—cloud computing, the Internet of Things, advanced robotics, big data analytics, artificial intelligence and machine learning, social media, 3D printing, augmented reality, virtual reality, e-money and distributed ledgers—are transforming the way busi-nesses operate. How does this transformation compare with past industrial revolutions? How are digital technologies changing production systems across industries? Agile firms that use knowledge intensively and have high levels of both organizational and human capital appear set to realize the greatest benefits from digitalization. Finally, what are the implications for productivity, labour markets, inflation and monetary policy as we transition to the digital economy?

  Content Type(s): Publications, Bank of Canada Review Article Topic(s): Firm dynamics, Monetary Policy, Productivity JEL Code(s): D, D2, D24, L, L1, L10, O, O1, O3, O33

• May 4, 2017 Canada and Mexico: Common Issues in Uncommon Times

  Remarks Stephen S. Poloz CanCham México and Club de Industriales Mexico City, Mexico

  Governor Stephen S. Poloz discusses how shared economic traits leave Canada and Mexico well placed to face global challenges.

  Content Type(s): Press, Speeches Topic(s): Inflation targets, Interest rates, Monetary Policy, Recent economic and financial developments, Trade Integration, Uncertainty and monetary policy

• April 12, 2017 Monetary Policy Report Press Conference Opening Statement

  Opening Statement Carolyn A. Wilkins Ottawa, Ontario

  Senior Deputy Governor Carolyn A. Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches Topic(s): Domestic demand and components, Housing, Monetary Policy, Potential output, Recent economic and financial developments, Uncertainty and monetary policy

• March 21, 2017 Getting Down to Business: Investment and the Economic Outlook

  Remarks Lawrence Schembri Greater Vancouver Board of Trade Vancouver, British Columbia

  Deputy Governor Lawrence Schembri discusses the factors affecting business investment and the implications for the economic outlook.

  Content Type(s): Press, Speeches Topic(s): Business fluctuations and cycles, Domestic demand and components, Inflation and prices, Monetary Policy, Recent economic and financial developments, Uncertainty and monetary policy