August 21, 2004 The Canadian Experience with Counterfeiting Bank of Canada Review - Summer 2004 John Chant Counterfeiting poses a significant public policy issue because of the important role that paper money plays in Canada's payments system. Yet the threat of counterfeiting in all economies has increased markedly in the past decade as a result of technological advances to photocopiers and computer printers. An appropriate public policy response is thus necessary to maintain the public's continued confidence in the national currency. To assess the threat from counterfeiting, including possible loss of confidence in the currency, estimating the stock of counterfeits circulating is necessary. In this article, Chant proposes a composite method of detecting counterfeits as an effective alternative to existing methods and offers estimates of the extent of counterfeiting Canadian currency for 2001. An Addendum to the article summarizes Chant's methods and updates the calculations to 2003. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Bank notes
August 18, 2004 Bank of Canada Announces Recipients of First Law-Enforcement Award of Excellence for Counterfeit Deterrence Media Relations Toronto, Ontario Three recipients, Detective Carmine Palermo, Detective Constable Thomas Hancock, and Detective Constable Harjit Sangha, of the Toronto Police Service (TPS) Fraud Squad, have been selected for their impressive initiative and creative work on "Project Greenback". This project resulted in the seizure of approximately $3 million in counterfeit bank notes, as well as the successful dismantling of multiple counterfeit production facilities in the Toronto area. Content Type(s): Press, Press releases
August 12, 2004 Canada's new $20 bank note to be unveiled on 25 August 2004 Media Relations Ottawa, Ontario Canada's new $20 bank note will be unveiled on Wednesday, 25 August 2004, in Vancouver, British Columbia. The new $20 bank note celebrates Canadian arts and culture and features the work of Bill Reid, one of Canada's most accomplished artists. Content Type(s): Press, Press releases
The New Keynesian Hybrid Phillips Curve: An Assessment of Competing Specifications for the United States Staff Working Paper 2004-31 David Dupuis Inflation forecasting is fundamental to monetary policy. In practice, however, economists are faced with competing goals: accuracy and theoretical consistency. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Inflation and prices JEL Code(s): E, E3, E31
The New Basel Capital Accord and the Cyclical Behaviour of Bank Capital Staff Working Paper 2004-30 Mark Illing, Graydon Paulin The authors conduct a counterfactual simulation of the proposed rules under the new Basel Capital Accord (Basel II), including the revised treatment of expected and unexpected credit losses proposed by the Basel Committee in October 2003. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, G28, K, K2, K23
Uninsurable Investment Risks Staff Working Paper 2004-29 Césaire Meh, Vincenzo Quadrini The authors study a general-equilibrium economy in which agents have the ability to invest in a risky technology. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial institutions, Financial markets JEL Code(s): D, D3, D31, E, E2, E21, G, G0
Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU? Staff Working Paper 2004-28 Virginie Traclet Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities. Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy framework JEL Code(s): E, E5, E58, E6, E61, E63
July 26, 2004 Bank of Canada supports the new International Journal of Central Banking Media Relations The Bank of Canada today announced plans to support the development of a new publication focused on central bank theory and practice and issued a call for research papers. The International Journal of Central Banking (IJCB) will be a joint project of the Bank for International Settlements (BIS), the European Central Bank, and each of the Group of Ten (G-10) central banks, with participation expected from other central banks. Content Type(s): Press, Press releases
July 22, 2004 Monetary Policy Report Update – July 2004 Since the April Monetary Policy Report, three developments have led the Bank of Canada to make small modifications to its outlook for economic growth and inflation in Canada. Content Type(s): Publications, Monetary Policy Report
July 22, 2004 Bank of Canada releases Monetary Policy Report Update Media Relations Ottawa, Ontario The Bank of Canada today released its Update to the April Monetary Policy Report. The Update discusses current economic and financial trends in the context of Canada's inflation-control strategy. Content Type(s): Press, Press releases