April 4, 2006
Remarks
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March 29, 2006
Global Imbalances: Why Worry? What to Do?
These imbalances reflect the financial flows associated with mismatches in savings and investment on a global scale. Since the late 1990s, many economies outside the United States have increased their net national savings. -
March 9, 2006
Renewing the IMF: Some Lessons from Modern Central Banking
As economies have become more interconnected through trade and financial flows in a truly global marketplace, economic developments in one location can quickly have repercussions on the other side of the globe. In 1997, what began as a currency devaluation in Thailand became a crisis with repercussions not just in Asia, but in countries as far away as Russia, Brazil, and Canada. -
February 6, 2006
Global Imbalances and the Canadian Economy
Canada and Barbados may not have much in common in terms of climate, but we both have very open economies. So we both rely on good economic performance globally for good performance domestically. -
February 1, 2006
Global Economic Trends: Implications for Canada
World economic growth has been remarkably strong over the past three years, averaging close to 4 1/4 per cent, and it is expected to stay around 4 per cent this year and next. -
January 12, 2006
Canada's Monetary Policy Framework: Dealing with Global Economic Change
The constant economic change that we've been experiencing makes it critical for the central bank to stand on a firm foundation as it works to enhance the country's economic strength. The Bank of Canada's monetary policy framework is such a foundation. -
December 12, 2005
Our Approach to Monetary Policy: Inflation Targeting
This year also marks the 70th anniversary of the creation of the Bank of Canada, and we too have taken the time to celebrate our contributions to Canada. At such times, while it is appropriate to look back and celebrate history and accomplishments, it is also a good opportunity to look forward and think about where we are headed. In this spirit, I'd like to talk to you today about one of our main responsibilities; that is, the conduct of monetary policy. -
November 28, 2005
Investing in Productivity
Measures of productivity tell us how much output we produce from the use of tangible inputs - such as skilled workers and capital equipment - and intangible inputs - such as technological advances and managerial and entrepreneurial know-how. Productivity rises over time as we boost output by finding new and more efficient ways to use these inputs. -
November 14, 2005
Inflation Targeting in Canada: Design, Lessons, and Challenges
Today, I want to share with all of you Canada's perspective on the design of an inflation-targeting system, some of the lessons we have learned over almost 15 years of experience with explicit inflation targets, and some of the challenges that remain. This topic is timely, because the Bank of Canada's inflation-targeting agreement with the Canadian government is up for renewal next year, and I am pleased to note that, earlier today, the Government announced its intention to renew our agreement for another five years. -
November 9, 2005
Economic and Financial Efficiency: The Importance of Pension Plans
Over the past year, I have spoken a number of times on the topic of efficiency, and why it is so important for Canadian policy-makers to keep in mind the goal of an efficient financial system. Today, I want to talk about Canada's system of pension plans and how they contribute to the efficiency of financial markets and of the economy as a whole.