October 10, 2007 The Canadian Journey: An Odyssey into the Complex World of Bank Note Production Bank of Canada Review - Autumn 2007 Jill Moxley, Helen Meubus, Maura Brown 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. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Bank notes, Central bank research
Vulnerabilities in Defined-Benefit Pension Plans Staff Discussion Paper 2007-3 Jack Selody An effective pension system enhances economic and financial efficiency. A majority of pension plans in Canada are defined-benefit (DB) plans, but DB plans are under stress from increasing longevity, low long-term interest rates, and the shrinking equity premium. DB plans are vulnerable to such shocks because they are complex financial vehicles, with interdependencies not fully […] Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions JEL Code(s): G, G2, G23
November 3, 2003 On Economic Education Remarks David Dodge David Dodge Tribute Dinner hosted by the Canadian Foundation of Economic Education Toronto, Ontario 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. Content Type(s): Press, Speeches and appearances, Remarks
February 25, 2013 Rebuilding Trust in Global Banking Remarks Mark Carney 7th Annual Thomas d’Aquino Lecture on Leadership - Lawrence National Centre for Policy and Management - Richard Ivey School of Business - Western University London, Ontario Bank of Canada Governor Mark Carney discusses the breakdown in trust in global banking and what is required to rebuild it. Content Type(s): Press, Speeches and appearances, Remarks
The Bank of Canada's New Quarterly Projection Model, Part 2. A Robust Method for Simulating Forward-Looking Models Technical Report No. 73 John Armstrong, Richard Black, Douglas Laxton, David Rose In this report, we describe methods for solving economic models when expectations are presumed to have at least some element of consistency with the predictions of the model itself. We present analytical results that establish the convergence properties of alternative solution procedures for linear models with unique solutions. Only one method is guaranteed to converge, […] Content Type(s): Staff research, Technical reports Topic(s): Economic models JEL Code(s): C, C3, C32, C5, C53
November 1, 2011 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Mark Carney House of Commons Standing Committee on Finance Ottawa, Ontario Good morning. Tiff and I are pleased to be here with you today to discuss the October Monetary Policy Report, which the Bank published last week. The global economy has slowed markedly as several downside risks to the projection outlined in the Bank’s July MPR have been realized. Volatility has increased and there has been […] Content Type(s): Press, Speeches and appearances, Opening statements
October 24, 2016 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are happy to be before you today. It is our normal practice to appear before this committee twice a year to discuss the Bank’s Monetary Policy Report (MPR). We published our latest MPR last week and are happy to answer questions about […] Content Type(s): Press, Speeches and appearances, Opening statements
June 26, 2013 Shedding Light on Shadow Banking Remarks Timothy Lane CFA Society Toronto Toronto, Ontario Deputy Governor Tim Lane will discuss the importance of shadow banking, its fragilities, and reform efforts underway to make it more resilient. Content Type(s): Press, Speeches and appearances, Remarks
November 21, 2002 Is Canada Dollarized? Bank of Canada Review - Autumn 2002 John Murray, James Powell The sharp depreciation of the Canadian dollar and the successful launch of the euro have sparked a lively debate in Canada about the possible benefits of formally adopting the U.S. dollar as our national currency. Some observers have suggested that this debate is largely irrelevant, since Canada is already highly "dollarized." Canadian businesses and households, they assert, often use the U.S. dollar to perform standard money functions in preference to their own currency. Very little evidence has been provided, however, to support these claims. The authors review the available data with a view to drawing some tentative conclusions about the extent to which Canada has already been informally dollarized. The evidence suggests that many of the concerns that have been expressed about the imminent demise of the Canadian dollar have been misplaced. The Canadian dollar continues to be used as the principal unit of account, medium of exchange, and store of value within our borders. Moreover, there is no indication that dollarization is likely to take hold in the foreseeable future. Indeed, in many respects, the Canadian economy is less dollarized now than it was 20 years ago. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Exchange rate regimes
April 3, 2023 Canadian Survey of Consumer Expectations—First Quarter of 2023 Results in the first quarter of 2023 show that consumer expectations for inflation one to two years ahead fell but remain elevated, particularly for services. Consumers, especially indebted households and equity-deserving groups, are facing financial pressures and limits on their spending due to high inflation and increasing interest rates. Consumers expect to spend less on discretionary services, such as travelling and eating out. Canadians continue to anticipate a recession in the next 12 months. Many are uncertain about where the economy and job markets are going. Despite this, workers still see the labour market as strong and expect wage growth to increase. Content Type(s): Publications, Canadian Survey of Consumer Expectations