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For many years, the Bank of Canada successfully responded to occasional eruptions in counterfeiting by improving the security features on bank notes. The surge in counterfeiting that occurred while the Bank prepared to launch the Canadian Journey series, however, reflected increasingly rapid advances in computer technology that were changing the counterfeiting environment. The article describes these and other challenges that affected the new series and describes how the Bank developed a comprehensive new approach to its currency program and incorporated the valuable lessons it learned from these challenges. Designed to combat counterfeiting and meet the needs of the public, the new strategy includes increased research and development on new bank note security features, an intensified focus on retailer and public education, and a focus on law enforcement.

The program this evening focuses on the value of public service and the importance of economic and financial literacy for the well-being of Canadians. These two themes have special significance for me, as my career has involved time spent in the public service as well as teaching.

Productivity plays a critical role when it comes to our national standard of living. Productivity growth is the main element that contributes to continued improvements in real incomes and overall prosperity. Rising productivity lets businesses pay higher wages, while keeping costs down, employment high, and profits coming in. That's why economists like me spend a lot of time thinking about ways to improve the productivity of our economy.

This volume features interesting images and anecdotes about Canada's central bank and its place in Canadian society from 1935 until the present.

It has been a difficult year. The financial turmoil that began mid-2007 deteriorated into a full-blown global financial crisis through 2008. While the resilience and soundness of the Canadian financial system were in many respects exceptional, the scale of the financial crisis and the subsequent global recession had an increasing impact by year’s end on our financial system and our economy.

This paper describes the ecology of automated market makers, which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance.

Find out the eligibility and process for Fellowship Award nominations.

Consumers’ perceptions of inflation are unchanged from a quarter ago, but their expectations for near-term inflation declined significantly. While both measures have improved substantially in recent quarters, they remain higher than they were before the COVID‑19 pandemic. Most consumers continue to think that domestic factors are contributing to high inflation. Sentiment remains subdued and unchanged from last quarter, as high inflation and elevated interest rates continue to constrain people’s budgets. Perceived financial stress remains high, most consumers continue to report spending cuts, and pessimism about future economic conditions persists. Canadians’ perceptions of the labour market have weakened this quarter, especially among private sector employees. Yet overall wage growth expectations reached a new survey high, driven by public sector employees.

Governor Mark Carney, with Minister of Finance James Flaherty and RCMP Commissioner William Elliott, unveils a new polymer bank note series.