/maxbellschool/taxonomy/term/2186/all en /maxbellschool/channels/news/burning-questions-ottawa-finally-about-get-serious-about-housing-bubbles-regina-leader-post-336033 <p>December 24, 2021 | After Director Christopher Ragan <a href="https://thehub.ca/2021-12-20/christopher-ragan-are-dangers-lurking-within-the-bank-of-canadas-new-mandate/">published an essay</a> in the Hub that perhaps Freeland and Macklem actually disagree about how the central bank should conduct policy rather than they united front they presented to the public, The Regina Leader Post included his commentary in an article about the Bank of Canada's new five-year mandate.</p> Wed, 05 Jan 2022 17:03:22 +0000 victoria.weston@mcgill.ca 2743 at /maxbellschool /maxbellschool/channels/news/key-canadian-economic-prosperity-no-ones-talking-about-globe-and-mail-332378 <p>What is the future of monetary policy in Canada? Journalist Andrew Coyne breaks down options for the Bank of Canada's mandate renewal, highlighting the ideas presented at <a href="/maxbellschool/choosingtherighttarget">Choosing the Right Target</a>: a recent conference hosted by the Max Bell School.</p> <p><a href="https://www.theglobeandmail.com/opinion/article-the-key-to-canadian-economic-prosperity-that-no-ones-talking-about/">Read the article</a>.</p> Thu, 12 Aug 2021 17:24:41 +0000 matthew.mclaughlin2@mail.mcgill.ca 2626 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/going-beyond-inflation-targeting-mantra-dual-mandate <p>Every five years over the last three decades, the Government of Canada goes through a ritual of renewing the mandate of its central bank. To most Canadians, this renewal process must be somewhat puzzling: why would the government want to mandate an arm’s length public agency of the Canadian federal state to do already what, to some extent, its central bank is broadly mandated to do in the preamble to the 85-year old Bank of Canada Act?</p> Fri, 23 Apr 2021 20:05:36 +0000 Marc Lavoie and Mario Seccareccia 2464 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/time-change-bank-canadas-mandate <p>In 2019, New Zealand created a formal monetary policy committee and enshrined the dual mandate (price stability and full employment) into their law and the policy targets agreement between the government and the Reserve Bank of New Zealand.</p> <p>This important improvement in transparency about monetary policy objectives, combined with higher levels of other types of transparency about the analytical framework and decision-making process, has put the Reserve Bank of New Zealand back into the club of the most transparent central banks in the world.</p> Fri, 23 Apr 2021 17:54:52 +0000 Asya Kostanyan & Douglas Laxton 2463 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/history-inflation-targeting-and-case-maintaining-status-quo Michelle Alexopolous argues that the evidence in favour of the various alternatives is not yet strong enough to justify the risks involved in abandoning the status quo. Thu, 18 Feb 2021 15:09:40 +0000 Michelle Alexopoulos and Edda Claus 2383 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/incorporating-asset-prices-it-framework Sylvain Leduc of the Federal Reserve Bank of San Francisco on the merits of incorporating asset prices into the inflation targeting framework. Tue, 09 Feb 2021 17:56:00 +0000 Sylvain Leduc and Jean-Francois Rouillard 2368 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/nominal-gdp-level-targeting Steve Ambler and Nicholas Rowe discuss the consequences of prioritizing the nominal GDP over the rate of inflation. Wed, 03 Feb 2021 15:26:28 +0000 Steve Ambler and Nicholas Rowe 2359 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/case-raising-bank-canadas-inflation-target Luba Petersen and Shannons Wells make the case for a higher rate of inflation, with Michael Devereux as a discussant. Tue, 26 Jan 2021 17:39:22 +0000 Luba Petersen, Shannons Wells, and Michael Devereux 2345 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/why-not-two-percent-or-below-evaluation-lower-inflation-target-canada Thor Koeppl and Bill Robson take a critical look at the cost of inflation. Tue, 26 Jan 2021 18:31:37 +0000 Thor Koeppl and Bill Robson 2346 at /maxbellschool /maxbellschool/channels/news/why-bank-canada-needs-revised-mandate-globe-and-mail-324645 <p>Max Bell School Director Chris Ragan and Professor Stephen Gordon of Université Laval penned this opinion piece to highlight the importance of monetary policy and the upcoming revision of the Bank of Canada's mandate. As the COVID-19 pandemic continues to affect many spheres of public policy, the Bank of Canada will need to carefully consider all policy objective alternatives.</p> <p><a href="https://www.theglobeandmail.com/business/commentary/article-why-the-bank-of-canada-needs-a-revised-mandate/">Click here</a> to read the article and learn more. </p> Thu, 17 Sep 2020 14:47:32 +0000 chloe.rodriguez@mail.mcgill.ca 2133 at /maxbellschool /maxbellschool/channels/news/la-politique-monetaire-canadienne-sort-du-placard-la-presse-324818 <p>September 23, 2020 | With the onset of the Bank of Canada's mandate renewal, and economic uncertainty due to COVID-19, many Canadians are left wondering what the future of monetary policy will look like for the country. Read why Hélène Baril says the time is right to open the debate on the role of the central bank with insights from speakers at the Max Bell School's ongoing <a href="/maxbellschool/events/choosing-right-target">Choosing the Right Target</a> conference.</p> Wed, 23 Sep 2020 14:39:03 +0000 sabrina.gill@mail.mcgill.ca 2142 at /maxbellschool /maxbellschool/channels/news/great-rethink-why-bank-canadas-mandate-needs-refresh-financial-post-324926 <p>September 25, 2020 | In this article, Kevin Carmichael proposes that, while the Bank of Canada has done an excellent job of containing inflation, it may have erred too often on the side of caution.</p> <p>Click <a href="https://financialpost.com/news/economy/the-great-rethink-why-the-bank-of-canadas-mandate-needs-a-refresh">here</a> to read the article.</p> Fri, 25 Sep 2020 20:41:47 +0000 katrine.claassens@mail.mcgill.ca 2145 at /maxbellschool /maxbellschool/channels/news/mcgill-universitys-max-bell-school-public-policy-host-conference-bank-canadas-mandate-renewal-324570 <p><em>With the Bank’s mandate up for renewal next year, this conference will broaden the debate and explore the policy options facing the Bank.</em></p> <p>MONTREAL: The Max Bell School of Public Policy at Æ»¹ûÒùÔº has re-launched Choosing the Right Target: Real Options for the Bank of Canada's Mandate Renewal. This conference, originally scheduled for the spring of 2020, is now being hosted online between September 22-25, where the six options facing the Bank of Canada will be debated.</p> Mon, 21 Sep 2020 17:33:45 +0000 nicholas.salter@mcgill.ca 2125 at /maxbellschool /maxbellschool/channels/news/breakfast-tiffs-unpacking-bank-canadas-role-economic-recovery-hill-times-hot-room-324584 <p>Christopher Ragan, director of the Max Bell School of Public Policy at Æ»¹ûÒùÔº, joins The Hot Room to take them through Bank of Canada Governor Tiff Macklem's speech on the Bank's role in the economic recovery. </p> Tue, 15 Sep 2020 14:52:48 +0000 nicholas.salter@mcgill.ca 2126 at /maxbellschool /maxbellschool/channels/event/choosing-right-target-real-options-bank-canadas-mandate-renewal-320280 <p>The COVID-19 pandemic has disrupted the world, pushing the global economy into recession and forcing countries to take on nearly unprecedented levels of public debt.</p> Mon, 10 Feb 2020 17:31:17 +0000 kunal.rakshit@mail.mcgill.ca 1767 at /maxbellschool