October 23, 2002
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October 23, 2002
Opening Statement before the House of Commons Standing Committee on Finance
The Canadian economy has been expanding strongly so far this year and is now operating fairly close to its full production capacity. Consumer price inflation has risen above the 2 per cent target and is expected to rise further before year-end because of high oil prices and a number of other relative price movements. -
October 23, 2002
Release of the Monetary Policy Report
Today, we released our October Monetary Policy Report, in which we discuss economic and financial trends in the context of Canada's inflation-control strategy. -
October 17, 2002
The Search for Higher Productivity
Given the extent of uncertainty in the world today, we are all naturally preoccupied with near-term issues and prospects. That's understandable. But, at the same time, it's critical that we look past the short-term to the longer-term trends and potential of our economy. -
October 16, 2002
Bank of Canada keeps target for the overnight rate at 2 3/4 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 per cent. -
October 5, 2002
Dollarization and North American Integration
The question before us sounds straightforward: "Should Canada adopt the U.S. dollar?" But the issues are complicated. I will not pretend that I can cover all the nuances of this topic in my allotted time. So I am running the risk that I may oversimplify matters. -
Inflation Expectations and Learning about Monetary Policy
Various measures indicate that inflation expectations evolve sluggishly relative to actual inflation. In addition, they often fail conventional tests of unbiasedness. -
Habit Formation and the Persistence of Monetary Shocks
This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. -
September 20, 2002
The Bank of Canada Securities-Lending Program
On 23 April 2002, the Bank of Canada announced its intention to implement a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. The Bank intends to implement this program on 30 September 2002. -
September 18, 2002
Canada's Economic Performance After an Eventful Year
Indeed, a strong research environment has long been a hallmark of the Bank. We also want to encourage research relevant to our business, especially with respect to monetary policy and financial system stability, at universities all across Canada.