Thorsten Koeppl – When Doves Become … Kiwis
From: Thorsten Koeppl To: Stephen S. Poloz Date: October 24, 2016 Re: When Doves Become … Kiwis This week, the Bank of Canada left interest rates unchanged. Business as usual one might think. But far from it. In your remarks to the Standing Senate Committee on Banking, Trade and Commerce, you all but made the […]C.D. Howe Institute Monetary Policy Council: Bank of Canada Should Hold Overnight Rate at 0.50 Percent for Six Months, Hike to 0.75 Percent by October 2017
October 13, 2016 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today called for the Bank of Canada to keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.50 percent at its next announcement on October 19, 2016. Looking ahead, the Council said the Bank should hold the target at 0.50 percent over the next six months, and called for an increase to 0.75 percent in a year’s time.
The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2 percent inflation target. William Robson, the Institute’s President and CEO, chairs the Council.
Council members make recommendations for the Bank…
Jeremy Kronick – Negative Interest Rates
From: Jeremy Kronick To: Bank of Canada Date: September 22, 2016 Re: Negative Interest Rates In a recent study, the Bank of Canada discussed the true nature of the effective lower bound for nominal interest rates and showed that it is not in fact zero, as was the widely-held assumption. Furthermore, some countries are currently testing […]Steve Ambler – Getting Monetary Policy Right as a Response to Oil Shocks
From: Steve Ambler To: The Bank of Canada Date: September 20, 2016 Re: Getting Monetary Policy Right as a Response to Oil Shocks Uncertainty is harming Alberta’s petroleum sector in many ways. Oil prices are likely to remain depressed until well into next year, though this result depends on many factors including world demand and the Saudi […] C.D. Howe Institute Monetary Policy Council Says Bank of Canada Should Hold Overnight Rate at 0.50 Percent for Next Six Months, Hike to 0.75 Percent by September 2017
September 1, 2016 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today called for the Bank of Canada to keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.50 percent at its next announcement on September 7, 2016. Looking ahead, the Council said the Bank should hold the target at 0.50 percent over the next six months, but called for an increase to 0.75 percent in a year’s time.
The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2 percent inflation target. William Robson, the Institute’s President and CEO, chairs the Council.
Council members make recommendations for the Bank…
Ripple Effects: Oil Price Shocks and Monetary Policy
August 30, 2016 – The effects of large oil price shocks on the Canadian economy are complex, as is the best response of monetary policy, but getting it wrong can be very costly, according to a new C.D. Howe Institute report. In “Ripple Effects: Oil Price Shocks and Monetary Policy,” author Steve Ambler argues that […] Taking the Economic Pulse: An Improved Tool to Help Track Economic Cycles in Canada
A new business cycle measurement developed by a C.D. Howe analyst provides further evidence that there was no recession in 2015, according to a new Institute report. In “Taking the Economic Pulse: An Improved Tool to Help Track Economic Cycles in Canada,” author Jeremy Kronick fills a crucial data gap with a new and improved […] Steve Ambler – Don’t Squander The Bank’s Credibility By Increasing The Inflation Target
From: Steve Ambler To: Governor Stephen Poloz Date: July 20, 2016 Re: Don’t squander the Bank’s credibility by increasing the inflation target. Negotiations with the Government of Canada over this year’s renewal of the inflation control agreement are likely at an advanced stage. However, I would like to add a few thoughts on one of […] C.D. Howe Institute Monetary Policy Council Says Bank of Canada Should Hold Overnight Rate at 0.50 for Next 12 Months
July 7, 2016 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today called for the Bank of Canada to keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.50 percent at its next announcement on July 13, 2016. Looking ahead, the Council said the Bank should hold the target at 0.50 percent over the next 12 months.
The MPC provides an independent assessment of monetary stance consistent with the Bank of Canada’s 2 percent inflation target. William Robson, the Institute’s President and CEO, chairs the Council.
Council members make recommendations for the Bank of Canada’s upcoming interest-rate announcement, the subsequent…
In Britain or Ottawa, things get hairy when central bankers get political – Financial Post Op-Ed
The question as to what central bank “independence” means has arisen once more and not just in Canada. Bank of England Governor Mark Carney stepped into the Brexit debate and was accused of political interference. In India, the head of the central bank has decided not to seek re-appointment, with political controversy surrounding his tenure. When Bank of Canada Governor Stephen Poloz recently made comments relating to the federal budget he sparked debate over the bank’s independence.
This is far from a new issue. As early as the 1940s, Graham Towers, then the Bank of Canada’s governor, was accused of pandering to the government by keeping interest rates low, and other governors have skated near political controversy from time to…
Toward the Next Renewal of the Inflation-Control Agreement: Questions Facing the Bank of Canada
The Bank of Canada should not squander its hard-won credibility by increasing its target rate of inflation, says a new report from the C.D. Howe Institute. In “Toward the Next Renewal of the Inflation-Control Agreement: Questions Facing the Bank of Canada,” author Steve Ambler concludes that Steven Poloz should stay with 2 percent in the new […]