Paul Beaudry: Macroeconomics of the 2020s - what we've learned, and what's to come

Remarks by Mr Paul Beaudry, Deputy Governor of the Bank of Canada, at the University of Waterloo Faculty of Arts Distinguished Lecture in Economics, Waterloo, Ontario, 20 September 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
21 September 2022


Good afternoon, and thank you for inviting me to present this year's Distinguished Lecture in Economics. I'm honoured to be the ninth lecturer to take this stage.

I would especially like to thank Professor Francisco Gonzales for thinking of me for today's talk. Francisco and I have known each other for almost 20 years and have discussed many economic issues during that time. I hope that some of the concepts I will address today-especially spillovers and the value of coordination-will resonate with him, and with students who have had the pleasure of taking his classes.

I'm very happy to be here in person after more than two years of virtual and hybrid events. COVID-19 has certainly disrupted many aspects of our lives-our physical and mental well-being, and our ability to study and work. Unfortunately, some of us even lost loved ones to this deadly virus.

It goes without saying that the pandemic has also had unprecedented effects on the domestic and global economies. Never before had the entire world effectively battened down the hatches so quickly and all at once. And never before had we experienced the roller coaster of re-openings and closures that has taken place since March 2020. Now we're also dealing with supply chain disruptions, war in Ukraine and inflation that's higher than we've seen in decades.