Monetary Policy
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The Neutral Rate in Canada: 2018 Estimates
The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate. -
June 27, 2018 Let Me Be Clear: From Transparency to Trust and Understanding
Governor Poloz talks about how the Bank is improving communications with the public and helping financial markets understand its monetary policy approach. -
May 31, 2018 A Progress Report on the Economy
Deputy Governor Sylvain Leduc discusses the issues that led Governing Council to hold the policy interest rate at 1.25 per cent in their May 30 decision. -
May 16, 2018 The (Mostly) Long and Short of Potential Output
Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth. -
May 1, 2018 Canada’s Economy and Household Debt: How Big Is the Problem?
Governor Poloz talks about household debt and how it will affect Canada’s economy and monetary policy for years. -
How to Manage Macroeconomic and Financial Stability Risks: A New Framework
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. -
A Policy Framework for E-Money: A Report on Bank of Canada Research
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. -
March 13, 2018 Today’s Labour Market and the Future of Work
Governor Stephen S. Poloz discusses the untapped potential in Canada’s labour market and how it extends into the workforce of tomorrow.