CAD Gov Council Member Kozicki Speaks
BOC Governing Council members are responsible for setting the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
Appointed Governing Council member Aug 2021;
- History
Expected Impact / Date | Description |
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Jun 13, 2024 | Due to speak about monetary policy tools in the COVID-19 pandemic at the Canadian Association for Business Economics, in Ottawa. Audience questions expected; |
Nov 7, 2023 | Due to deliver opening remarks at the John Kuszczak Memorial Lecture, in Ottawa; |
Sep 19, 2023 | Due to speak at the University of Regina; |
Jun 27, 2023 | Due to participate in a panel discussion titled "Assessing the costs of inflation" at the ECB Forum on Central Banking, in Sintra; |
Dec 8, 2022 | Due to speak about the Economic Progress Report at the Urban Development Institute of Quebec, in Montreal. Audience questions expected; |
Mar 25, 2022 | Due to speak about households, the pandemic, and monetary policy at an online event hosted by the Federal Reserve Bank of San Francisco; |
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- CAD Gov Council Member Kozicki Speaks News
- From bnnbloomberg.ca|Jun 14, 2024
A senior Bank of Canada official says the unusual measures it took during the pandemic helped boost the economy, but the bar for using quantitative easing again will be very high. The comments came Thursday in a speech in Ottawa to the Canadian Association for Business Economics as the central bank works to rebuild trust with the public and be transparent in how it works. With its key policy interest rate already as low as it could go in 2020, deputy governor Sharon Kozicki says the central bank decided to start buying more ...
- From bnnbloomberg.ca|Jun 13, 2024
A Bank of Canada official defended the use of quantitative easing and extraordinary forward guidance during the pandemic, pushing back on criticisms that the policy actions were missteps that fueled inflation. In a speech reviewing the central bank’s actions, Deputy Governor Sharon Kozicki said its first foray into quantitative easing — which led the bank to purchase C$340 billion ($248 billion) in bonds — helped to encourage borrowing by lowering bond yields. She also defended the central bank’s use of extraordinary forward guidance ...
- From bankofcanada.ca|Jun 13, 2024|1 comment
Good morning. Thank you, Bolanle, for your kind introduction. I am pleased to be here in my hometown of Ottawa with the Canadian Association for Business Economics. I always enjoy speaking to a room full of economists and business professionals who are interested in the economy. You’ve long been some of the most engaged consumers of central bank speeches. The COVID-19 pandemic and subsequent rise in inflation have broadened the audience for speeches like this one. Canadians have questions for us at the Bank of Canada, and we want to answer them. So today my overarching themes will be transparency and accountability. I will begin by taking you back to the start of the pandemic when the world faced a health and economic crisis like nothing we’d experienced before. I will walk you through what the Bank saw and how we interpreted that information. Then I will talk about some of the actions we took, particularly our use of two exceptional tools: quantitative easing, or QE, and extraordinary forward guidance. I’ll discuss some of the analysis we’ve done on the effectiveness of QE, which we used for the first time in the pandemic. I will also go into the unwinding of QE, known as quantitative tightening, or QT, which is a key part of the monetary policy cycle.Reviewing our pandemic actions video In March 2020, the world faced an unimaginable health and economic crisis. Economies shut down and financial markets spiralled. Fearing another Great Depression, governments and central banks around the world took quick and decisive actions. The Bank cut the policy interest rate to 0.25%. This is the effective lower bound—the lowest level the interest rate can be before the Bank has to use other, less conventional monetary policy tools. We also made use of emergency liquidity programs and facilities to restore market functioning. By the summer of 2020, markets were functioning, but the economy was in deep decline. Households and businesses were suffering and inflation was below target. The Bank turned to our extended monetary policy tool kit to provide more stimulus. We used two tools in particular: Quantitative easing (QE)—With QE, a central bank buys many more government bonds t post: BOC'S DEP. GOV. KOZICKI: IF INFLATION CONTINUES TO EASE, IT IS REASONABLE TO EXPECT FURTHER RATE CUTS. WE ARE TAKING OUR INTEREST RATE DECISIONS ONE MEETING AT A TIME. post: BOC'S KOZICKI: THE BAR FOR US TO USE QE AGAIN IS VERY HIGH.
- From bankofcanada.ca|Sep 19, 2023
Good afternoon. I am delighted to be here in Regina and would like to thank you for this opportunity to speak with you today. Before I begin, I would like to take a moment to congratulate a local winner of this year’s Bank of Canada Museum Award for Excellence in Teaching Economics. Andre Boutin Maloney of Bert Fox Community High School in Fort Qu’Appelle developed an interactive trading post simulation that combined the teaching of Indigenous history and economic principles. Congratulations to Andre and the entire class. The 2024 edition of this award launched recently. If you know of a deserving economics teacher, you can submit a nomination on the Museum’s Museum’s website. My speech today will review how the events of the past few years have affected households in different ways. Even before the COVID-19 pandemic, every household had different levels of income, wealth and debt. And since the pandemic arrived in Canada in early 2020, economic circumstances have shifted dramatically and repeatedly. Multiple levels of government and the Bank of Canada acted in response. Policies and economic developments have shaped the ways individual households and businesses experienced the effects of the pandemic. And this, in turn, has influenced our subsequent policy decisions. As we have made decisions in this complex and evolving environment, it has been important to understand how these decisions affect different households and businesses. post: BOC'S KOZICKI: INFLATION HAS COME DOWN BUT IT IS STILL TOO HIGH; THAT TENDS TO MEAN REAL INTEREST RATES NEED TO REMAIN HIGH. post: BOC' KOZICKI: VOLATILITY IN CPI DATA OVER LAST COUPLE OF MONTHS IS NOT UNCOMMON, BUT UNDERLYING INFLATION HAS SEEN LITTLE RECENT DOWNWARD MOMENTUM. post: BOC'S KOZICKI: WE'LL CONTINUE TO EVALUATE WHETHER EVOLUTION OF EXCESS DEMAND, INFLATION EXPECTATIONS, CORPORATE PRICE-SETTING AND WAGE GROWTH ARE CONSISTENT WITH ACHIEVING 2% TARGET. post: BOC'S KOZICKI: WE ARE PREPARED TO RAISE THE POLICY RATE FURTHER IF NECESSARY.
- From bnnbloomberg.ca|Dec 8, 2022
The Bank of Canada said decisions about future interest-rate increases will be guided by incoming economic data, though it’s still ready to move aggressively if needed. Deputy Governor Sharon Kozicki, in a speech Thursday in Montreal, said policymakers expect adjustments to monetary policy will be “more data-dependent,” but kept the possibility of larger hikes on the table. “If we are surprised on the upside, we are still prepared to be forceful,” Kozicki said, according to the text of her remarks. “But we recognize that we have ...
- From bankofcanada.ca|Dec 8, 2022
Good afternoon. Thank you for inviting me to join you for this discussion. It’s always a pleasure to visit Montréal. Delivering an update on the state of the economy from one of our country’s most significant economic engines seems fitting. And the fact that we’re doing so today at the Urban Development Institute of Quebec (UDI) seems particularly appropriate—especially when we consider how much the UDI contributes to this thriving city. I’m here today to deliver an economic progress report. Together with other initiatives that have been introduced over the years to increase the amount of information and analysis we provide Canadians—especially around our interest rate decisions—speeches like today’s help clarify what the Bank of Canada does. I’ll begin where we often do with these economic progress reports—by going over yesterday’s rate decision and how we came to it. After that I’ll provide an update on what’s been happening in the economy since October’s Monetary Policy Report, including trends that we’re keeping an eye on. Finally, in the spirit of openness that this speech represents, I want to review some of the things the Bank does to be accountable to Canadian post at 12:30pm: BOC'S KOZICKI - IF WE ARE SURPRISED ON THE UPSIDE, WE ARE STILL PREPARED TO BE FORCEFUL #News #Markets #BOC #capitalhungry post at 12:33pm: BOC'S DEP. GOV. KOZICKI: WE ARE SHIFTING FROM DECIDING HOW MUCH TO RAISE RATES TO DECIDING WHETHER TO HIKE RATES AT ALL. post at 12:34pm: BOC'S KOZICKI: THE BANK OF CANADA'S INTEREST RATE DECISIONS IN THE FUTURE WILL BE MORE DATA-DRIVEN.
- From bankofcanada.ca|Mar 25, 2022
Thank you, Sylvain, for the kind introduction. I have many fond memories of my time at the US Federal Reserve Board and the Kansas City Fed. And, as some of you know, I’ve given talks and attended conferences at the San Francisco Fed several times. I am honoured to deliver the keynote today, and I look forward to being there in person again soon. Before continuing, I would like to acknowledge that the land I am speaking from is traditional, unceded territory of the Algonquin Anishnaabeg People. I’d also like to acknowledge the profound suffering caused by Russia’s unprovoked invasion of Ukraine and the particularly anxious time this continues to be for those with family and friends in Ukraine. Since the situation remains quite fluid, my Governing Council colleagues and I are following events closely and assessing the ongoing economic and financial impacts. Like other central banks, the Bank of Canada sets monetary policy for the whole economy. But that doesn’t mean our policy affects everyone in the economy the same way. And it doesn’t mean our policy has the same impact on the economy overall, regardless of the characteristics and circumstances of the people in it. post at 12:47pm: BOC'S DEP. GOV. KOZICKI: THE PACE AND SIZE OF RATE HIKES AND THE START OF QT WILL BE ACTIVE PARTS OF OUR DELIBERATIONS AT THE NEXT DECISION. post at 12:48pm: BOC'S DEP. GOV. KOZICKI: THE BANK IS PREPARED TO ACT FORCEFULLY TO RETURN INFLATION TO THE 2% TARGET.
Released on Jun 13, 2024 |
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Released on Mar 25, 2022 |
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