Should Canadians Worry About Inflation? Is the Cure Worse than the Disease?
Like many countries, Canada has experienced a sharp increase in consumer price inflation since mid-2021. The rising costs of transportation, home heating, groceries, and much more has been especially harmful to low- and middle-income families; some governments have responded to these concerns with targeted financial assistance.
How big a problem is inflation, for Canadians and for policymakers? What can and should our governments be doing to reduce inflation or to reduce its harmful effects, or both? Will such policy actions be effective at reducing inflation, and at what cost? Is the cure of battling inflation with higher interest rates and/or lower public spending even worse than the inflationary disease?
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Armine Yalnizyan is a leading voice on Canada’s economic scene. She is the Atkinson Fellow on the Future of Workers and writes a bi-weekly business column for the Toronto Star. She served as a senior economic policy advisor to the federal Deputy Minister of Employment and Social Development Canada in 2018 and 2019, and has been a member of a high-level task group on women in the economy convened by the federal Ministers of Finance and Middle Class Prosperity during the pandemic. Armine helped shape and advance the Canadian Centre for Policy Alternatives’ Inequality Project from 2006 to 2016, provided weekly business commentary for CBC from 2011 to 2018, and served as Vice President and President of the Canadian Association for Business Economics from 2013-2019.
Frances Donald is managing director, Global Chief Economist & Global Head of the Macroeconomic and Strategy Team within the Multi-Asset Solutions Team (MAST) at Manulife Investment Management. In her role, Frances forecasts global macroeconomic and financial trends, analyzes the economy and capital markets for potential opportunities and risks, and serves as a thought leader both within the firm and externally. Prior to joining Manulife, Frances worked as a financial economist for Scotiabank in Toronto, and before that as a global macro analyst for Pavilion Global Markets in Montreal. Earlier in her career, she held various positions at Deloitte, Roubini Global Economics, and Bank of Canada. Frances is a frequent public speaker and regularly appears in international media, including Bloomberg and CNBC.
Moderated by Chris Ragan, economics professor and Director of the Max Bell School of Public Policy.
