In early 2020, central banks around the world initiated, or dramatically expanded existing, Quantitative Easing (QE) programs to mitigate the economic and financial fallout from the pandemic.
For the first time, the Bank of Canada (BoC) launched a sweeping QE with massive programs to purchase Canada Bonds, CMBs, provincial and corporate bonds, treasury bills and other money market paper as well as offering huge liquidity facilities and much expanded repo operations.
As we approach the one year anniversary of Canada’s inaugural QE, this session features two speakers – Chris Ragan, one of Canada’s leading academics in monetary policy, and Warren Lovely, a leading analyst of fixed income markets and monetary policy – who will explore the tactical lessons from the BoC’s QE. They will share different perspectives on implementing QE in Canada, including its successes, challenges and risks.
This session will examine crucial topics such as: What were the goals of the BoC’s first-ever QE and have these been achieved? And what criteria should be used to gauge its impacts?
Our speakers will consider: What assets should the BoC include in its QE? How much is too much or too little? And what are the communication challenges and implementation difficulties of winding down QE in the future?
This session will be moderated by Jason Stewart, Executive-in-Residence at GRI, and Senior Fellow, C.D. Howe Institute.
Managing Director, National Bank of Canada
BIO: Warren Lovely is a Managing Director with National Bank Financial, serving as chief rates and public sector strategist within the firm’s highly regarded Economics and Strategy group. Warren joined NBF in 2015 from CIBC, where he had worked for 15 years in a variety of roles in economics, strategy and debt underwriting.
Warren had earlier worked for the Government of Canada in Ottawa, including at the Department of Finance. Warren holds a Master’s degree in economics from Queen’s University and a Bachelor of Arts in economics from Wilfrid Laurier University. Warren is a frequent commentator on financial markets in the media and regularly speaks to investors, business groups and governments in Canada and abroad.
Founding Director, Max Bell School of Public Policy, McGill University
BIO: Christopher Ragan is the founding Director of McGill University’s Max Bell School of Public Policy and is an Associate Professor in McGill’s Department of Economics. Chris Ragan was the Chair of Canada’s Ecofiscal Commission, which launched in November 2014 with a 5-year horizon to identify policy options to improve environmental and economic performance in Canada. He was also a member of the federal finance minister’s Advisory Council on Economic Growth, which operated from early 2016 to mid-2019. From 2010-13, Ragan held the David Dodge Chair in Monetary Policy at the C.D. Howe Institute, and for many years was a member of the Institute’s Monetary Policy Council. In 2009-10, Ragan served as the Clifford Clark Visiting Economist at Finance Canada; in 2004-05 he served as Special Advisor to the Governor of the Bank of Canada.
Chris’ published research focuses mostly on the conduct of macroeconomic policy. His 2004 book, co-edited with William Watson, is called Is the Debt War Over? In 2007 he published A Canadian Priorities Agenda, co-edited with Jeremy Leonard and France St-Hilaire from the Institute for Research on Public Policy. The Ecofiscal Commission’s The Way Forward (2015) was awarded the prestigious Doug Purvis Memorial Prize for the best work in Canadian economic policy.
In 2007, Chris was awarded the Noel Fieldhouse teaching prize at McGill. He is the author of Economics (formerly co-authored with Richard Lipsey), which after sixteen editions is still the most widely used introductory economics textbook in Canada. He teaches in several MBA and Executive MBA programs, including at McGill, EDHEC in France, and in special courses offered by McKinsey & Company.
Chris received his B.A. (Honours) in economics in 1984 from the University of Victoria and his M.A. in economics from Queen’s University in 1985. He completed his Ph.D. in economics at M.I.T. in 1989.
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