Monetary Policy

• May 1, 2018 Canada’s Economy and Household Debt: How Big Is the Problem?

  Remarks Stephen S. Poloz Yellowknife Chamber of Commerce Yellowknife, Northwest Territories

  Governor Poloz talks about household debt and how it will affect Canada’s economy and monetary policy for years.

  Content Type(s): Press, Speeches Topic(s): Credit and credit aggregates, Financial services, Financial stability, Interest rates, Monetary Policy, Recent economic and financial developments

• How to Manage Macroeconomic and Financial Stability Risks: A New Framework

  Staff Analytical Note 2018-11 Thibaut Duprey, Alexander Ueberfeldt

  Monetary policy decisions need to consider all potential outcomes, not just the most likely path for the economy. This is especially true in the presence of elevated financial system vulnerabilities, which lead to increased downside risks for future growth.

  Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Central bank research, Economic models, Financial stability, Financial system regulation and policies, Interest rates, Monetary Policy, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, E58, G, G0, G01

• A Policy Framework for E-Money: A Report on Bank of Canada Research

  Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra

  We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Digital Currencies, Monetary Policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52, E58

• April 25, 2018 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening Statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Monetary Policy, Recent economic and financial developments, Transmission of monetary policy

• April 23, 2018 Opening Statement before the House of Commons Standing Committee on Finance

  Opening Statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches Topic(s): Inflation and prices, Monetary Policy, Recent economic and financial developments, Transmission of monetary policy

• March 13, 2018 Today’s Labour Market and the Future of Work

  Remarks Stephen S. Poloz Chancellor David Dodge Lecture in Public Finance 2018 Kingston, Ontario

  Governor Stephen S. Poloz discusses the untapped potential in Canada’s labour market and how it extends into the workforce of tomorrow.

  Content Type(s): Press, Speeches Topic(s): Domestic demand and components, Labour markets, Monetary Policy, Potential output, Uncertainty and monetary policy

• How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts?

  Staff Working Paper 2018-2 Monica Jain, Christopher S. Sutherland

  We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Central bank research, Inflation targets, Monetary Policy, Monetary policy communications, Transmission of monetary policy JEL Code(s): D, D8, D83, E, E3, E37, E5, E52, E58

• December 14, 2017 Three Things Keeping Me Awake at Night

  Remarks Stephen S. Poloz Canadian Club Toronto Toronto, Ontario

  Governor Stephen S. Poloz discusses his long-term economic preoccupations now that the Canadian economy has nearly completed its journey home.

  Content Type(s): Press, Speeches Topic(s): Digital Currencies, Financial stability, Housing, Monetary Policy, Payment clearing and settlement systems, Potential output

• Evaluating Real GDP Growth Forecasts in the Bank of Canada Monetary Policy Report

  Staff Analytical Note 2017-21 André Binette, Dmitri Tchebotarev

  This paper examines the quality of projections of real GDP growth taken from the Bank of Canada Monetary Policy Report (MPR) since they were first published in 1997. Over the last decade, it has become common practice among the central banking community to discuss forecast performance publicly.

  Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Monetary Policy JEL Code(s): C, C5, C52, E, E3, E32, E37, E5, E52

• November 15, 2017 Embracing Uncertainty in the Conduct of Monetary Policy

  Remarks Carolyn A. Wilkins Money Marketeers of New York University New York, New York

  Senior Deputy Governor Carolyn A. Wilkins explains how uncertainty is factored into monetary policy decisions.

  Content Type(s): Press, Speeches Topic(s): Central bank research, Economic models, Monetary Policy, Monetary policy implementation, Transmission of monetary policy, Uncertainty and monetary policy