Event Date: February 27, 2024 - 11:45am to 1:00pm
Location: FSS 4004, 120 University Private, University of Ottawa

Presented by CIPS, International Political Economy Network (IPEN) and the Economics Department at the University of Ottawa

The pandemic, and particularly, the current post-2021 macroeconomic environments have shown that inflation is not uniquely a demand-side phenomenon. Indeed, an aging Canadian population associated with the arrival of new immigrants, new technologies, the climate crisis, and political uncertainties in the world could be expected to increase economic supply shocks. The Bank of Canada cannot cope with current and future supply shocks at low and equitable cost for the economy and for Canadians. These trends will oblige a new monetary policy approach. The Bank Act needs to be revised consequently to better balance the Bank’s independence with its accountability to Canadians. Some countries such as New- Zealand, Australia, UK and USA have incorporated in their Act a monetary policy committee with external members. Some of these countries recognize that fighting inflation is not the unique goal of monetary policy and have opted for a dual mandate. This conference will present in more depth how the Bank of Canada Act could be revised for adapting monetary policy to this new context while preserving its independence.

This talk will take place in English and French.

Speaker:

Diane Bellemare, Ph.D. in Economics from McGill and M.A. from Western Ontario, was a full professor of economics at UQAM. With both an academic and professional career, she has been a member of the Economic Council of Canada, CEO of the Société québécoise de développement de la main-d’œuvre, President of the Commission des partenaires du marché du travail and Vice-President of the Conseil du patronat du Québec. She published several books and academic articles on the subjects of full employment, income security, pension and population aging. The last one, Créer et Partager la Prospérité, was published in 2013 by the Presses de l’Université du Québec. She has been a Senator for Quebec since 2012, served as Legislative Coordinator in the Office of the Government Representative in the Senate from 2016 to 2019 and is now a member of the Progressive Senate Group. Senator Bellemare is Chair of the Standing Committee on Rules, Procedures and the Rights of Parliament, as well as a member of steering on the Senate Committee on Banking, Trade and Commerce.

Chair:

Jacqueline Best is a Full Professor in the School of Political Studies at the University of Ottawa. Her research is at the intersection of international relations, political economy and social theory. Her current research examines the role of exceptionalism, failure, and ignorance in economic policy, tracing their evolution from the early days of neoliberalism to today.