June 15, 2000 The Canadian Economy: Finding the Right Balance Remarks Gordon Thiessen Kelowna Chamber of Commerce Kelowna, British Columbia With the technological revolution that is currently sweeping the globe, dealing with change is a growing challenge for businesses these days. This revolution is erasing national frontiers, intensifying competition, and transforming economies everywhere. Content Type(s): Press, Speeches and appearances, Remarks
June 15, 2000 Bank of Canada Governor speaks to the Kelowna Chamber of Commerce Media Relations Kelowna, British Columbia "Low and stable inflation is good for business, good for the consumer, and good for the economy as a whole," Bank of Canada Governor Gordon Thiessen told the Kelowna Chamber of Commerce today in a luncheon speech that focused on the contribution that monetary policy makes towards an environment that supports economic activity. Mr. Thiessen […] Content Type(s): Press, Press releases
June 15, 2000 Response to IDA Reconstitution Proposal The strip bond sub-committee of the Investment Dealers Association (IDA), in a letter dated June 23, 1999, has recommended that “the current ceiling on reconstitution of bonds should be removed to allow reconstitution beyond the quantity stripped by book entry, which at times may be beyond the original issue size”. Content Type(s): Press, Announcements
Fractional Cointegration and the Demand for M1 Staff Working Paper 2000-13 Greg Tkacz Using wavelets, the author estimates the fractional order of integration of a common long-run money-demand relationship whose parameters are obtained from a full-information maximum-likelihood procedure. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Monetary aggregates JEL Code(s): C, C1, C13, E, E4, E41
Identifying Policy-makers' Objectives: An Application to the Bank of Canada Staff Working Paper 2000-11 Nicholas Rowe, James Yetman In this paper, we develop a new way to test hypotheses about policy-makers' targets, and we implement that test for Canadian monetary policy. Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets JEL Code(s): E, E5, E52, E6, E61
June 1, 2000 Price Stability and the Long-Run Target for Monetary Policy Proceedings of a seminar held by the Bank of Canada, June 2000 (proceedings volume, available in electronic format only) Content Type(s): Conferences and workshops
June 1, 2000 Bank of Canada Announces Appointment of Special Adviser Media Relations Professor Angela Redish of the University of British Columbia has been chosen to fill the visiting economist position of Special Adviser in the Bank of Canada for a one-year term beginning in August 2000. Content Type(s): Press, Press releases
May 17, 2000 Bank of Canada Raises Target Overnight Rate by ½ Percentage Point to 5¾ Per Cent Media Relations Ottawa, Ontario The Bank of Canada raised its target for the overnight rate by one-half of one percentage point to 5¾ per cent. The operating band for the overnight rate was correspondingly increased, and the Bank Rate is now 6 per cent. Content Type(s): Press, Press releases
May 16, 2000 Recent Developments in the Monetary Aggregates and Their Implications Bank of Canada Review - Spring 2000 Joseph Atta-Mensah Narrow Money—Transactions Money The growth rate of the narrow monetary aggregates picked up in 1999, reflecting the expansion in economic activity and the stabilization of interest rates. The sharp acceleration of the narrow aggregates in recent months suggests buoyant growth in GDP in coming quarters. Signs of a possible rise in inflation are also emerging. Over the longer run, for inflation to remain in the Bank's 1 to 3 per cent target range, the growth of narrow money would have to slow down from its current pace. In 1999, the growth rate of M1 also began to converge with that of the other narrow aggregates, M1+ and M1++. This suggests that the influence of the special factors that have been affecting the growth rate of M1 has diminished. Broad Money—"Store of Value" Household savings represent deferred consumption, and therefore the broad monetary aggregate provides information about future spending and, hence, inflation. In 1999, the very broad measure of money, M2++, grew at much the same rate as it did in 1998. This outcome is in line with inflation remaining in the inflation-control target range over the next couple of years. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Recent economic and financial developments
May 16, 2000 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Gordon Thiessen House of Commons Standing Committee on Finance Last week, we released our eleventh Monetary Policy Report. Since our November Report, the Canadian economy has outperformed expectations. Bolstered by vigorous external and domestic demand, Canada's economic expansion strengthened in the second half of 1999 and into early 2000. Content Type(s): Press, Speeches and appearances, Opening statements