The global financial crisis has had lasting impacts on the global economy and how we think about it. In its wake, the resulting surge in government debt in many countries has been accompanied by lower, rather than higher, interest rates and subdued inflation pressures. These events have sparked...

In theory, the management of public funds by Canada’s senior governments – federal, provincial and territorial – reflects the preferences of Canadians, expressed through their elected representatives. In practice, however, the revenues and expenses of senior governments – and the...

Despite improvements over time, the quality of the financial information presented to legislators and the public by Canada’s federal, provincial and territorial governments remains uneven. Some governments stand out for the transparency, quality and timeliness of their financial documents;...

The onset of the pandemic saw a high degree of coordination between our monetary and fiscal authorities. The Bank of Canada lowered its overnight rate to its effective lower bound and engaged in quantitative easing, governments pumped in stimulus and support programs, and the Office of the...

When monetary and fiscal policy are in conflict in periods of high inflation, with the Bank raising interest rates while the government increases new spending, the risk of an ever-growing debt burden and even higher inflation increases. However, our research shows that because people are mostly...