Stephen Poloz and his job are still misunderstood: Globe and Mail Op-Ed
Published in the Globe and Mail on February 11, 2015
By: Christopher Ragan
Christopher Ragan is an associate professor of economics at McGill University and a research fellow at the C.D. Howe Institute.
Many observers of monetary policy are once again accusing the Governor of the Bank of Canada of favouring a weaker Canadian dollar as a way to promote our exports. Once again, both Stephen Poloz and the workings of monetary policy are being misunderstood.
Mr. Poloz has been thinking about monetary policy since his student days. His PhD thesis was about the determinants of money demand, a central topic for any central bank. He then spent 14 years at the Bank of Canada, thinking through the many…
William Robson: Sorry, Doomsayers. This Isn’t The Thirties: National Post Op-ed
Published in the National Post on March 23rd, 2015
By: William Robson
William Robson is president and CEO of the C.D. Howe Institute.
Scary headlines sell, and the world economy since the 2008 crisis has given writers of scary headlines lots of material. Lately, the large type has featured two themes: Deflation, which threatens to suck the major economies into a black hole; and currency wars, which will have us at each other’s throats as we sink.
Hoping a turn of phrase can compete with the prophets of disaster, I must protest: this is altogether too much of a bad thing. The deflation doomsayers and the currency-war Jeremiahs can’t both be right. Yes, deflation is a threat — in theory. But probably…
C.D. Howe Institute Monetary Policy Council Recommends Bank of Canada Hold Overnight Rate at .75 Percent through Mid-Year; Looks for 1.00 Percent by April 2016
April 8, 2015 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.75 percent at its next announcement on April 15, 2015. Looking ahead, the Council called for the Bank to hold the target at .75 percent through to September, and at 1.00 percent a year from now.
The MPC provides an independent assessment of the monetary stance appropriate for the Bank of Canada as it pursues its 2 percent inflation target. Finn Poschmann, the Institute’s Vice President, Policy Analysis, chaired the Council’s 94thmeeting.
Council members make recommendations for…
C.D. Howe Institute Monetary Policy Council Urges Bank of Canada to Hold Overnight Rate at 1.00 Percent for Next Six Months; Looks for 1.25 Percent by November 2015
November 27, 2014 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 1.00 percent at its next announcement on December 3, 2014. Looking ahead, the Council called for the Bank to hold the target at 1.00 percent through the spring of 2015, and called for a target of 1.25 a year from now.
The MPC provides an independent assessment of the monetary stance appropriate for the Bank of Canada as it aims for its 2 percent inflation target. Finn Poschmann, the Institute’s Vice President, Policy Analysis, chaired the Council’s 91st meeting.
MPC…
Good Governance of Monetary Policy in Canada: Lessons from the C.D. Howe Institute’s Shadow Council
The Bank of Canada should consider publicly disclosing the discussions and dissenting opinions of members of its interest-rate-setting committee, according to a new C.D. Howe Institute report. In “Good Governance of Monetary Policy in Canada: Lessons from the C.D. Howe Institute’s Shadow Council,” authors Pierre Siklos and Matthias Neuenkirch argue that the existing governance structure […] Voodoo economics: Busting some popular monetary myths: Globe and Mail Op-Ed
Published in the Globe and Mail on September 23, 2014
By Christopher Ragan
Christopher Ragan is an associate professor of economics at McGill University and a Research Fellow at the C.D. Howe Institute.
Last week my friend sent me a link to a short video ranting about our monetary system. I immediately recognized it as another in a large collection of videos I have seen, many of which are sent to me by students pondering the validity of the central messages – which appear quite at odds with the things I say in class.
These videos are filled with so many misconceptions that anyone studying from them would fail an exam in any respectable economics course. Two big monetary myths stand out from the…
Money Still Matters: How the Bank of Canada Might Better Monitor Inflation
The Bank of Canada (BoC) should carefully monitor the money supply to better predict inflation and track the effectiveness of its monetary policy, according to a new C.D. Howe Institute report. In “Money Still Matters: How the Bank of Canada Might Better Monitor Inflation,” author Mati Dubrovinsky suggests the BoC should also pay particular attention to the […] Canada’s Limited Solutions To Its Slow-growth Recovery: Globe And Mail Op-ed
Published in the Globe and Mail on August 12, 2014
By Christopher Ragan
Christopher Ragan is an associate professor of economics at McGill University and a Research Fellow at the C.D. Howe Institute. His latest publication is What Now? Addressing the Burden of Canada’s Slow-Growth Recovery.
Canada is mired in a slow-growth recovery because the United States and Europe are still repairing their economies in the wake of enormous financial crises. As I argue in a recently released paper from the C.D. Howe Institute, as long as the global economy remains fragile, Canada will not return to growth rates anywhere near our pre-crisis standard of 3 per cent.
Much research…
What Now? Addressing the Burden of Canada’s Slow-Growth Recovery
The Canadian economy continues to face serious macroeconomic challenges, the most important of which is addressing the burden of a slow-growth recovery, according to a report from the C.D. Howe Institute. In “What Now? Addressing the Burden of Canada’s Slow-Growth Recovery”, McGill University economist Christopher Ragan calls for Canadian policy makers to accept the likelihood […] Monetary Policy Council Urges Bank Of Canada To Hold Overnight Rate At 1.00 Percent At Next Setting; Looks For 1.25 By April 2015
April 10, 2014 — The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 1.00 percent at its next announcement on April 16, 2014.…The Ill Wind that Blows from Europe: Implications for Canada’s Economy
The continuing possibility that things could take a turn for the worse in the eurozone ought to be a concern for Canadian policymakers, according to a report released today by the C.D. Howe Institute. In “The Ill Wind that Blows from Europe: Implications for Canada’s Economy,” author Pierre Siklos explores the linkages between the Canadian […]