The COVID-19 pandemic disrupted the world, pushing the global economy into recession and forcing countries to take on nearly unprecedented levels of public debt. Discussion and debate over the pathway to economic recovery are already underway. In this context, monetary policy is a crucial policy tool.

It is time to start thinking about what monetary policy in the post-pandemic era should look like. In September 2020, with the Bank of Canada's mandate up for renewal, the Max Bell School held a four-day online conference, during which independent economists from across Canada, the United States, and Europe examined the Bank’s mandate and explored the most credible options for the next phase of Canadian monetary policy. Read the resulting research papers by conference presenters, discussants and panelists, each exploring a different option for the mandate's renewal.

Video | Down to the Wire for the Bank of Canada’s Mandate Renewal

2 Dec 2021

Watch a video recording of Down to the Wire for the Bank of Canada’s Mandate Renewal

The 21st Century Credibility Problem

5 Aug 2021

Our keynote speaker, Narayana Kocherlakota, argues for the asymmetry of central bank credibility

Where Are We Headed?: Panelist Perspectives from Choosing the Right Target

12 Jul 2021

Our Choosing the Right Target conference concluded with comments and discussion by a panel of distinguished observers of monetary policy: 

Going Beyond the Inflation-Targeting Mantra: A Dual Mandate

23 Apr 2021

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...

Time to Change the Bank of Canada’s Mandate

23 Apr 2021

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...

The History of Inflation Targeting and the Case for Maintaining the Status Quo

18 Feb 2021

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.

Clouded in Uncertainty: Pursuing Financial Stability with Monetary Policy

9 Feb 2021

Sylvain Leduc of the Federal Reserve Bank of San Francisco on the merits of incorporating asset prices into the inflation targeting framework.

Nominal GDP Level Targeting

3 Feb 2021

Steve Ambler and Nicholas Rowe discuss the consequences of prioritizing the nominal GDP over the rate of inflation.

The Case for Raising the Bank of Canada’s Inflation Target

26 Jan 2021

Luba Petersen and Shannons Wells make the case for a higher rate of inflation, with Michael Devereux as a discussant.


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