C.D. Howe Institute Monetary Policy Council Calls for Bank of Canada to Hold Overnight Rate at 5.00 Percent, Cut to 3.50 Percent by April 2025
April 4, 2024 – The C.D. Howe Institute’s Monetary Policy Council (MPC) calls for the Bank of Canada to maintain its target for the overnight rate, its benchmark policy interest rate, at 5.00 percent at its next announcement on April 10th. The MPC further calls for the Bank to lower the target to 4.75 at the following announcement in June, on the way to a target of 3.50 percent by April of 2025.
The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2…
Verbatim: Furthering the Benefits of Global Economic Integration through Institution Building: Canada as 2024 Chair of CPTPP
This Verbatim is based on a presentation to the International Economic Policy Council of the C.D. Howe Institute on March 20, 2024.Over the last 10 to 15 years, the global economy has become fragmented. There are many reasons for this fragmentation – both economic and geopolitical. A particularly important factor has been the inability of […] Canada’s Role As Cpttp Commission Chair Can Help Repair Today’s Global Trading System
As 2024 Chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission, Canada has the unique opportunity to help repair the fragmentation of today’s global trading system by promoting global institution building, according to a new C.D.…Bob Baldwin – How to Resolve the Alberta Pension Issue
From: Bob Baldwin To: Pension watchers Date: April 3 2024 Re: How to Resolve the Alberta Pension Issue Last fall, the Alberta government released a report proposing the creation of an Alberta Pension Plan (APP) funded initially by withdrawal from the Canada Pension Plan, taking with it $334 billion in assets. My recent C.D. Howe Institute E-Brief examines the financial […]Corporate trust needs to be nurtured, not legislated – Financial Post
Just over two decades ago, the Sarbanes-Oxley Act put the regulation of corporate compliance on the map. It has since become a governance preoccupation, spawning armies of compliance professionals, commanding a substantial portion of every board’s agenda and costing hundreds of billions of dollars. Elaborate legal mechanisms — such as sentencing guidelines, whistleblowing regimes and personal liability of directors and management — aim at preventing employee wrongdoing and heightening oversight by directors and senior management to ensure internal systems are effective.
The objective — better, more honest governance — is hard to argue with. Yet time and time again we see high-profile firms encouraging, acquiescing in or simply…
Canada’s Role as CPTPP Commission Chair Can Help Repair Today’s Global Trading System
As 2024 Chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission, Canada has the unique opportunity to help repair the fragmentation of today’s global trading system by promoting global institution building, according to a new C.D.…Ottawa’s tax-and-spend regime needs an overhaul – Globe and Mail
The federal expenditure management system looks good on paper. Transparency is served by publication of five-year spending plans for major spending categories in the annual budget and detailed information in the government’s main estimates and departmental plans. Efficiency and effectiveness are served by setting objectives for program spending and requiring departments to report on the achievement of these objectives. This result-based management framework is buttressed by requiring most spending programs to be evaluated on a five-year cycle. Transparency is further served by making these reports publicly available.
Dig a little deeper, however, and the flaws become apparent. The first is incomplete coverage of spending.…
Peter Weltman – What Our Winter Tires and Infrastructure Have in Common
From: Peter Weltman To: Infrastructure observers Date: April 2, 2024 Re: What Our Winter Tires and Infrastructure Have in Common I just booked my appointment to have my winter tires swapped with summer tires. Toronto had little snow this year and whatever arrived melted within a few days, so I feel like I didn’t get my money’s worth from […]Don Drummond on Power & Politics – More Than 200 Economists Signed a Letter Defending Carbon Tax
Stephen Gordon, an economics professor at Laval University, and Don Drummond, a Fellow-in-Residence at the C.D. Howe Institute and adjunct professor at the School of Policy Studies at Queen’s University, join CBC’s Power & Politics to discuss the debate on the carbon tax.
Kronick, Ambler, Bafale – New Tools to Analyze the Real Economy
To: Canada’s Economic Policymakers From: Jeremy M. Kronick, Steve Ambler and Mawakina Bafale Date: March 28, 2024 Re: New Tools to Analyze the Real Economy The C.D. Howe Institute’s mission is to raise living standards by fostering economically sound public policies, including in the areas of monetary policy and financial stability. In order to make informed policy recommendations, we […] Drummond, Robson – There Are No Excuses for April Budgets
To: Canadian public finance watchers From: Don Drummond and William B.P. Robson Date: March 27, 2024 Re: There Are No Excuses for April Budgets Finance Minister Chrystia Freeland is to deliver the 2024 federal budget on April 16, more than two weeks after the April 1 start of the 2024-25 fiscal year. Late federal budgets have become a pattern. The 2023 […] So Far, So Good: C.D. Howe Institute Business Cycle Council Declares Recession Avoided in 2022, 2023
Weakness in Canadian GDP since the Bank of Canada began raising its policy rate in March 2022 has spurred much talk of the possibility of a recession.1At a meeting in early 2024, the Council weighed the evidence of a recession having occurred in the past two years and whether current conditions could presage one. The […]