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October 25, 2018

Senior Deputy Governor Carolyn A. Wilkins discusses cryptoassets and the key questions they pose for central banks, including their possible impact on monetary policy regimes and whether central banks should issue their own digital currencies.  She presented these slides while delivering a guest lecture at Princeton University on October 4, 2018. A Discussion Paper will be forthcoming on the Bank of Canada’s website.

April 18, 2018

The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent.
Inflation in Canada is close to 2 per cent as temporary factors that have been weighing on inflation have largely dissipated, as expected. Consistent with an economy operating with little slack, core measures of inflation have continued to edge up and are all now close to 2 per cent. The transitory impact of higher gasoline prices and recent minimum wage increases will likely cause inflation in 2018 to be modestly higher than the Bank expected in its January Monetary Policy Report (MPR), returning to the 2 per cent target for the rest of the projection horizon.

January 18, 2018

The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook.

As part of the Government’s next step in its long-term economic plan, Budget 2017 signaled the Government’s intention to address tax planning strategies involving the use of private corporations— strategies that can result in high-income individuals gaining tax advantages that are not available to most Canadians.

As committed in Budget 2017, this paper provides details about the nature of these issues and sets out proposed policy responses to bring greater fairness to the tax system.

A fundamental goal of these proposals is to ensure that corporations that actively invest in their businesses and contribute to job creation and economic growth continue to benefit from a highly competitive tax regime. Putting an end to tax planning strategies involving the use of private corporations is part of the Government’s ongoing actions to close tax loopholes and end tax planning strategies that give unintended advantages to some high-income earners at the expense of other Canadians. The Government welcomes the views of all Canadians who want to contribute to addressing the issues set out in this paper.

July 17, 2017

Available as: Audio 

Release of the Monetary Policy Report - Press conference by Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins. (11:15 (ET) approx.).

Content Type(s): PressWebcasts

October 19, 2016

Available as: Audio 

Release of the Monetary Policy Report - Press conference by Governor Stephen S. Poloz and Senior Deputy Governor Carolyn Wilkins. (11:15 (ET) approx.).

Content Type(s): PressWebcasts

September 20, 2016

Ultra-low interest rates are a symptom of the conditions we face, conditions that we believe are improving over time.

But some of the forces leading to low interest rates will persist for a long time, so we need to prepare for lower for longer.

Individuals need to plan for retirement with different assumptions about longevity, interest rates and growth.

Businesses need to make sure their expectations about investment returns reflect the current and likely future reality and reconfigure their investment plans accordingly.

And policy-makers need to make sure they are working to increase the economy’s potential output and reduce uncertainty—whether economic, political or regulatory—that may be holding back investment.

SOURCE - THE BANK OF CANADA WEBSITE

July 13, 2016

BOC RATE 2016 07 13 Press Release - Rate target at 1/2 per cent.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

April 29, 2016

It has long been accepted that, in practical terms, nominal interest rates cannot fall below zero because investors can always earn a zero nominal return simply by holding cash. This concept has been termed the “zero lower bound” on nominal interest rates. Theoretically, the existence of this zero lower bound limits a central bank’s ability to provide further stimulus to the economy through conventional decreases in policy rates below zero.

SOURCE - THE BANK OF CANADA WEBSITE

March 16, 2016

This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard. Because the Bitcoin standard would closely resemble the gold standard, the paper explores the lessons about how it would perform by examining the classical gold standard period, specifically 1880–1913.  The paper also conjectures how long the Bitcoin standard might last if it were to come into existence.​
SOURCE - THE BANK OF CANADA WEBSITE

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