Paul Beaudry, Professor and Canada Research Chair in Macroeconomics

Paul Beaudry, Professor and Canada Research Chair in Macroeconomics at UBC’s Vancouver School of Economics, co-wrote an op-ed for The National Post stating: “In its last rate announcement with Mark Carney at the helm, the Bank of Canada unsurprisingly left short-term interest rates at 1%. Good news for borrowers; not so good for savers.”

The authors continue: “As has become its habit, the Bank also reminded us that rates won’t stay low for ever; they’ll stay where they are for “a period of time.” Inevitably, interest rates will go up, and eventually return to more normal levels. The question is: What will the new normal level look like?”

The editorial is based on the research brief “The New ‘Normal’ for Interest Rates in Canada: The Implications of Long-Term Shifts in Global Saving and Investment”, which Beaudry co-authored with Philippe Bergevin of the C.D. Howe Institute.

Beaudry, who teaches to both undergraduate and graduate students, focuses on the macro-economy, both domestically and internationally. In particular, his research relates to business cycles, inflation, financial markets, the macro-economic effects of technological change and globalization, and the determinants of aggregate employment and wages.