The C.D. Howe Institute Monetary Policy Council is comprised of 12 of Canada’s most distinguished financial-market and monetary economists. Chaired by the Institute’s Chief Executive Officer William Robson, it provides the Bank of Canada, financial-market participants and economic policy commentators with a regular independent assessment of the appropriate stance of Canadian monetary policy as the Bank of Canada pursues its 2 percent inflation target.
The Monetary Policy Council convenes to discuss the Bank of Canada’s policy toward the overnight rate, the very short-term interest rate the Bank targets for monetary policy purposes, shortly before each of the Bank’s interest-rate announcements.
The Bank of Canada’s interest-rate announcements occur roughly every six weeks. The Monetary Policy Council’s recommendations, including the individual votes of its members, appear on the C.D. Howe Institute’s website at 2:00 p.m. on the Thursday before each scheduled announcement. You can find the MPC and Bank of Canada schedules here.
Chair
William B.P. Robson
Chief Executive OfficerMembers
Steve Ambler
Fellow-In-Residence
Edward A. Carmichael
Founding Partner, Ted Carmichael Global Macro
Beata Caranci
Chief Economist and Vice President, TD Bank Group
Michael Devereux
Royal Bank Professor of International Economics, University of British Columbia
Stéfane Marion
VP & Chief Economist, National Bank of Canada
Angelo Melino
Professor of Economics, University of Toronto
Jean-François Perrault
Senior Vice-President and Chief Economist, Scotiabank
Douglas Porter
Chief Economist, BMO Capital Markets
Avery Shenfeld
Managing Director, Economics, Department, CIBC
Research Papers
Reversal of Fortunes: Rising Interest Rates and Losses at the Bank of Canada
January 12, 2023
Lessons from the Yield Curve: Evaluating Monetary Policy in Different Interest Rate Environments
August 30, 2022