Chat with Stephen Poloz
Former Governor of the Bank of Canada
About Stephen Poloz
In the chaotic aftermath of the 2008 global financial crisis, when Canadian banks remained stable while others collapsed, it wasn’t luck, it was deliberate design. As Governor of the Bank of Canada from 2013 to 2020, Stephen Poloz oversaw the refinement of inflation targeting into a more adaptive framework, explicitly incorporating financial stability risks and household debt dynamics, unlike any central bank at the time. He championed the 'output gap' not as an abstract statistic but as a lived reality: wage stagnation, regional disparities in resource-dependent provinces, and the quiet erosion of middle-class purchasing power. His 2015 decision to cut the policy rate despite near-target inflation, citing rising household indebtedness and falling oil prices, was a rare, data-driven departure from textbook orthodoxy. Poloz insisted that monetary policy must speak the language of real households, not just models; his speeches routinely cited grocery bills, mortgage renewals, and small-business loan applications, not just CPI weights or Phillips curves.
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Not sure where to begin? Try asking Stephen Poloz:
- “How did you justify cutting rates in 2015 when inflation was still near target?”
- “What role did household debt play in your inflation-targeting recalibration?”
- “Why did the Bank of Canada avoid quantitative easing during the 2008 crisis?”
- “How did Alberta’s oil price collapse reshape your 2014–2016 monetary strategy?”