a significant loss of school days and billions of dollars in treatment costs, it is easy to see that these efforts have the potential to improve not only health, but educational and economic outcomes as well. 10 beyond complementary interests with community development organizations, health professionals offer an important set of skills and tools, including unique data sets and sophisticated evaluation techniques. for example, using data from 38 children ’ s hospitals, the children ’ s hospital of philadelphia research institute found an association between rates of foreclosures and poor health in children, including the incidence of abuse. 11 health - related philanthropies are also investing in projects in low - income communities, ranging from projects to identify the health ramifications of proposed community improvements to increasing access to fresh food, by creating partnerships to subsidize grocery stores in lowincome communities. 12 accelerating transformative development in communities these examples illustrate the benefits of broad - based collaboration for rejuvenating communities that, in some cases, have been in decline for decades. research is helping sharpen this approach and give more insight into what works. for example, in 2009, federal reserve bank of boston researchers evaluated the effects of concentrated poverty in springfield, massachusetts, as part of a larger study conducted by the federal reserve system. intrigued by the results, the boston fed researchers turned their attention to trying to identify the factors that make it possible for some cities to adjust to changing economic conditions while others languish. to do this, the researchers identified 25 midsize manufacturing cities around the country that were similar to springfield in 1960, when that city was at the height of its prosperity, and asked what accounted for the differences in the economic trajectories experienced by this group of cities over the past 50 years. remarkably, los angeles housing and community development ( 2013 ), “ five - year consolidated plan 2013 - 2017 ( pdf ) ” ( los angeles : community development department, february 26 ), strategic plan, p. 2, available on the los angeles cdd website. risa lavizzo - mourey ( 2012 ), “ why health, poverty, and community development are inseparable ( pdf ), ” in federal reserve bank of san francisco and low income investment fund, investing in what works for america ’ s communities : essays on people, place, and purpose ( san francisco : frbsf and liif ), pp. 215 – 25. researchers found that each 1 percent increase in 90 - day mortgage del

remarks by tiff macklem governor of the bank of canada cfa quebec february 7, 2023 quebec, quebec monetary policy at work introduction good afternoon. it ’ s a pleasure to be here in quebec to speak to you about monetary policy and the economy. as we approach the three - year mark of the covid - 19 pandemic in canada, we are also entering a new phase in monetary policy. in 2022, we faced an overheated economy and high inflation, and we responded forcefully, increasing our policy interest rate rapidly. the year ahead will be different. in january, after eight consecutive interest rate increases, we said that we expect to hold the policy rate at its current level, conditional on the outlook for inflation. we are pausing to assess how well our interest rate increases are working to bring inflation down. with inflation above 6 %, we are still a long way from the 2 % target. but inflation is turning the corner. monetary policy is working. that ’ s what i ’ d like to talk about today — how, exactly, monetary policy works to control inflation. i ’ ll outline what we ’ ve done so far, what the impact has been and what we expect going forward. i also want to talk about the risks and uncertainties that we are facing as we work to get inflation back to target. canadians know inflation is high. they see it at the grocery store, when they pay their rent and when they go to a restaurant or on a trip. and they know that we ’ ve increased interest rates. they see that in higher costs for borrowing — in mortgage rates, lines of credit and business loans. but it is less obvious how higher interest rates are working to bring inflation down. since march, we ’ ve raised the policy rate by 4¼ percentage points. in recent months, inflation has levelled off and has begun to ease. the considerable tightening we ’ ve done will continue to work its way through the economy, and this will rebalance demand with supply and slow inflation. so how does this work? the transmission mechanism on the face of it, the bank ’ s approach to monetary policy is simple. we ’ re an inflation - targeting central bank. we have a 2 % inflation target, and that ’ s about i would like to thank erik ens, corinne luu, cesaire meh and patrick sabourin for their help in preparing this speech. not for publication before february 7, 2023 12 : 30 pm