The Depression
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From Next Best to World Class: the People and Events That Have
FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer FROM NEXT BEST TO WORLD CLASS CDIC—Next Best to World Class.indb 1 02/10/2017 3:08:10 PM Other Historical Books by This Author A Thirty Years’ War: The Failed Public Private Partnership that Spurred the Creation of the Toronto Transit Commission, 1891–1921 (Osgoode Society and Irwin Law, Toronto, 2015) Lawyers, Families, and Businesses: A Social History of a Bay Street Law Firm, Faskens 1863–1963 (Osgoode Society and Irwin Law, Toronto, 2013) Damaging Winds: Rumours That Salieri Murdered Mozart Swirl in the Vienna of Beethoven and Schubert (historical novel published as an ebook through the National Arts Centre and the Canadian Opera Company, 2013) The Fiercest Debate: Cecil Wright, the Benchers, and Legal Education in Ontario, 1923–1957 (Osgoode Society and University of Toronto Press, Toronto, 1987) with Jerome Bickenbach CDIC—Next Best to World Class.indb 2 02/10/2017 3:08:10 PM FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer CDIC—Next Best to World Class.indb 3 02/10/2017 3:08:10 PM Next Best to World Class: The People and Events That Have Shaped the Canada Deposit Insurance Corporation, 1967–2017 © Canada Deposit Insurance Corporation (CDIC), 2017 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the publisher. -
Annual Report 2003 La De Annuel Rapport Rapport Annueldela 2003 Banque Ducanada
BANK OF CANADA OF CANADA BANK ANNUAL REPORT 2003 ANNUAL REPORT BANK OF CANADA ANNUAL REPORT 2003 2003 2003 BANQUE DU CANADA DU CANADA BANQUE BANQUE DU CANADA DU BANQUE LA DE ANNUEL RAPPORT RAPPORT ANNUEL DE LA RAPPORT Bank of Canada — 234 Wellington Street, Ottawa, Ontario K1A 0G9 5211 — CN ISSN 0067-3587 ISSN CN — 5211 0G9 K1A Ontario Ottawa, Street, Wellington 234 — Canada of Bank his many volunteer activities. His warm wit and generous spirit will be sorely missed. sorely be will spirit generous and wit warm His activities. volunteer many his Gerry Bouey and neither will his community to which he contributed to the very end through end very the to contributed he which to community his will neither and Bouey Gerry Those who worked with him over the course of his long and remarkable career will never forget never will career remarkable and long his of course the over him with worked who Those Achievement Award. In 1987, he was made a Companion of the Order of Canada. of Order the of Companion a made was he 1987, In Award. Achievement of Laws from Queen’s University. In 1983, he was presented with the Outstanding Public Service Public Outstanding the with presented was he 1983, In University. Queen’s from Laws of In 1981, he was made an Officer of the Order of Canada and also received an Honorary Doctor Honorary an received also and Canada of Order the of Officer an made was he 1981, In economic development and to the Bank’s growing international reputation. -
Dalrev Vol44 Iss2 Pp165 171.Pdf (3.958Mb)
H. H. F. Binhammer CANADA'S MONEY MUDDLE IN RETROSPECT QUESTIONS CONCERNING THE CONTROL OF MONEY are as old as the use of money as a measure and store of value and a medium of exchange. Relevant to developments in the post~war period in Canada is the controversy of the mid-nineteenth century between the so-called Banking School and the Currency School. The Banking School maintained that control over the supply of money should be left in the hands of private commercial banks. The Currency School, on the other hand, among other things, maintained that control over the money supply should be vested directly or indirectly in the hands of government. Settlement in favour of the Currency School led to the establishment of central banks, mainly under the sponsorship of govern ments. These banks were to provide an umbrella over the private commercial banks. In Canada, interference with the money supply by a central authority started with the Finance Act of 1914. This was followed by the establishment of the Bank of Canada in 1935, first with limited government participation and later with com~ plete government control. The degree to which the central bank should assert its influence over the economy and in particular over the private commercial banks was not questioned until the fifties. During the thirties, the war, and the immediate post-war period, the central bank, on the whole, accommodated the activities of the chartered banks without question. That is to say, the central bank, in a more or less routine fashion, assisted the chartered banks to meet the demands of business. -
Is Monetary Financing Inflationary? a Case Study of the Canadian Economy, 1935–75
Working Paper No. 848 Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75 by Josh Ryan-Collins* Associate Director Economy and Finance Program The New Economics Foundation October 2015 * Visiting Fellow, University of Southampton, Centre for Banking, Finance and Sustainable Development, Southampton Business School, Building 2, Southampton SO17 1TR, [email protected]; Associate Director, Economy and Finance Programme, The New Economics Foundation (NEF), 10 Salamanca Place, London SE1 7HB, [email protected]. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2015 All rights reserved ISSN 1547-366X ABSTRACT Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost demand and/or relieve debt burdens. We find little empirical evidence to support the standard objection to such policies: that they will lead to uncontrollable inflation. -
OLIGARCHS at OTTAWA, PART II Night a Success
/ Oligarchs at Otta-wa ..: Austin F. Cross ' ' VERY year on budget night, like an to advise the minister (that's the term, E unspectacular star at the tail of but actually our man writes the stuff) on that bright comet, the Hon. Douglas the technical aspects of taxation. His Abbott, there moves into the Press Gal- is the ethical concept of taxation. Not lery ' reception rQom, among others, Ken' immediately has he to be concerned with Eaton. In title, Assistant Deputy Minister such matters as whether the Fisheries of Finance: in fact, he is the fell ow who needs the money, or Trade and Com- wrote a lot of <the budget that the Hon. merce is bungling its administration. Ra- Mr. Abbott has just so entertainingly given. ther would it be his role to assess nicely, There are other tail-stars, of course, to the what for example, would be the effect of Abbott comet. Yet paradoxically none one cent more tax on cigarettes, or the will seem duller, none will be brighter, precise incidence of sales tax. than the same Ken Eaton. For a fellow _He and Harry Perry are a very good who has just heard a lot of his own fiscal team, and when they sit down to write theory and financial policy given to the their share of the budget, you have people of Canada in particular and the a brilliant duet being played. world in general, Ken Eaton is quiet "He's without a peer in his field," said enough. an expert enthusiastically, in discussing There he sits, a man who would pass in Eaton, and this expert is one man rarely a crowd. -
Inflation Targeting in Canada
In‡ation Targeting in Canada: Optimal Policy or Just Being There? Peter Howitt Brown University October 2, 2006 Paper presented at the Festschrift in Honour of David Laidler, University of Western Ontario, August 18-20, 2006. Parts of the paper are drawn from my unpublished essay entitled “Learning Abnout Monetary Theory and Policy,” which bene…tted from many conversations on the subject with David Laidler and also with Joel Fried. John Crow, Chuck Freedman, Nicholas Rowe, T.K. Rymes and seminar participants at Carleton University and the Laidler Festschrift provided valu- able comments. 1 Introduction David Laidler has had the good sense not to have taken too seriously the notion that people are rational maximizers, always acting under rational expectations. One of the central themes of his work is that money is a device for economizing on the costs of processing information. People use it as a bu¤er stock that automatically absorbs unforeseen changes in income and expenses without the need for deliberation. They also use it as a unit of account, measure of value and standard of deferred payment because it is convenient to use, conventional and easily understood, even if this seems to introduce biases and ine¢ ciencies into their decision making and even if economists can think of better measures and standards.1 In this respect David stands apart from the mainstream of macroeconomics, which has been characterized over the years by what he has called an irrational passion for dispassionate rationality. But unlike many other critics of unbounded rationality, David does not put his ideas forth as an attack on free market economics. -
The Case of Canadian Inflation Targeting
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Laidler, David Working Paper The interactive evolution of economic ideas and experience: The case of Canadian inflation targeting EPRI Working Paper, No. 2015-1 Provided in Cooperation with: Economic Policy Research Institute (EPRI), Department of Economics, University of Western Ontario Suggested Citation: Laidler, David (2015) : The interactive evolution of economic ideas and experience: The case of Canadian inflation targeting, EPRI Working Paper, No. 2015-1, The University of Western Ontario, Economic Policy Research Institute (EPRI), London (Ontario) This Version is available at: http://hdl.handle.net/10419/123489 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have -
Reflections on Bank of Canada Monetary Policy Over the Past Thirty Years
DRAFT: NOT FOR CITATION REFLECTIONS ON BANK OF CANADA MONETARY POLICY OVER THE PAST THIRTY YEARS By Charles Freedman, Scholar in Residence, Economics Department, Carleton University, Ottawa, Canada* (presentation at a “Conference on ‘New’ Monetary Policy: Implications and Relevance” at Downing College, University of Cambridge, Cambridge England, March 19, 2004 and at a Robinson workshop, University of Ottawa, April 2, 2004) “Central bankers are always looking for more reliable guides to the conduct of monetary policy than they have had.” Bouey ( Monetary Policy--Finding a Place to Stand, Per Jacobsson lecture, 1982) A. INTRODUCTION This paper discusses the developments underlying the changes in the monetary policy framework in Canada over the past 30 years. Since the mid-1970s, monetary policy in Canada can be characterized as using, or searching for, a nominal anchor in a flexible exchange rate environment. Basing policy on a nominal anchor was viewed as a way of avoiding systematic policy errors of the sort that led to the breakout of inflation in the late 1960s and the first half of the 1970s. 2 There are four main nominal anchors discussed in the literature -- a fixed exchange rate, a monetary aggregate target, a nominal spending target, and a price inflation or price level target. Of these, only two, a monetary aggregate target and an inflation target, were used in Canada in the period under discussion. Canada operated under a floating exchange rate regime over the entire period. And, to my knowledge, no country has used nominal spending as an official target. In the 1975-82 period, the anchor in Canada was the narrow monetary aggregate M1. -
Download The
MICHELLE ALEXOPOULOS The History of Inflation Targeting in Canada and the Case for Maintaining Status-Quo The History of Inflation The History of Inflation Targeting in Canada and the Case for Maintaining the Status-Quo Discussion by Edda Claus page 34 This paper was written for and presented at Choosing the Right Target: Michelle Alexopoulos 1 Real Options for the Bank of Canada’s Mandate Renewal, a conference held by the Max Bell School of Public Policy, September 22–25, 2020 SEPTEMBER 22–25, 2020 Choosing the Right Target: Real Options for the Bank of Canada’s Mandate Renewal A conference organized by Christopher Ragan and Stephen Gordon With the Bank of Canada’s mandate up for renewal in 2021, McGill University’s Max Bell School of Public Policy held a four-day online conference from September 22-25, 2020. The conference was attended by over one hundred policy professionals, students, academics, and monetary policy experts who had the chance to think about, exchange, and question what monetary policy in the post-pandemic era should look like. Recordings of the conference sessions can be accessed at: https://www.mcgill.ca/maxbellschool/choosingtherighttarget Authors and discussants 1. THE CASE FOR RAISING THE BANK OF CANADA’S INFLATION TARGET: LUBA PETERSEN (Department of Economics, Simon Fraser University) with Michael Devereux (Vancouver School of Economics) 2. WHY NOT TWO PERCENT OR BELOW? AN EVALUATION OF A LOWER INFLATION TARGET FOR CANADA: THOR KOEPPL (Queen’s University) with William B.P. Robson (President and Chief Executive Officer, C.D. Howe Institute) 3. NOMINAL GDP LEVEL TARGETING: STEVE AMBLER (Professor of Economics, Université du Québec à Montréal, David Dodge Chair in Monetary Policy at the C.D. -
The Evolution of Monetary Policy at the Bank of Canada 1935-2000
Gordon Thiessen: Can a bank change? The evolution of monetary policy at the Bank of Canada 1935-2000 Lecture by Gordon Thiessen, Governor of the Bank of Canada, to the Faculty of Social Science, University of Western Ontario, on 17 October 2000. * * * I would like to thank the Faculty of Social Science here at the University of Western Ontario for inviting me to deliver this lecture. The Department of Economics within the Faculty is known for its long-standing interest in monetary economics, as well as its appreciation of economic history. I thought that it would be appropriate, therefore, to combine these two elements and use this occasion to reflect upon the dramatic changes that have taken place in the theory and practice of monetary policy in Canada during the Bank of Canada’s 65-year history. Over this period, there has been a fundamental transformation in the way monetary policy is conducted in Canada and in most other industrial countries. While globalization and technological change have played an important role in this area, as in so many others, they have not, to my mind, been the principal driving force behind this transformation. Far more important has been the interaction of experience and economic theory. The puzzling and, at times disappointing, performance of the economy has often served as the catalyst for major theoretical advances and policy innovations. Although the evolutionary process set in motion by these forces has not always been smooth or painless, it has, without question, deepened our understanding of how the economy works. It has also taught us valuable lessons about how monetary policy should be conducted. -
The Evolution of the Canadian Pension Model
The Evolution of the Canadian Pension Model Practical Lessons for Building World-class Pension Organizations © 2017 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because the World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. All queries on rights and licenses should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [email protected]. Design & Layout: Aichin Lim Jones and Amy Quach Photo Credits: Shutterstock Table of Contents Acknowledgments .......................................................................................................................... -
Stephen S Poloz: 25 Years of Inflation Targets – Certainty for Uncertain Times
Stephen S Poloz: 25 years of inflation targets – certainty for uncertain times Remarks by Mr Stephen S Poloz, Governor of the Bank of Canada, to the Business Council of British Columbia, Vancouver, British Columbia, 1 November 2016. * * * Introduction These are uncertain times in the global economy, and anything that can be done to lessen uncertainty is welcome. Last week, the Bank of Canada and the federal government took an important step to provide some certainty, to both companies and consumers, by signing a five- year renewal of our inflation-targeting agreement. This year marks the 25th anniversary of inflation targeting in Canada. That is a long time—so long that a whole generation of business leaders and consumers has not had to deal with the uncertainty associated with high and variable inflation. It is human nature to take for granted things that have been around for a while. The Bank of Canada will never take for granted the benefits of inflation targeting, and last week’s renewal makes it timely to remind people of the benefits that inflation targeting has delivered, as well as the difficult journey we took to get here. Finding an Anchor Twenty-five years is the silver anniversary, but inflation targeting has truly been golden. As an approach to monetary policy, inflation targeting has proven its worth repeatedly, both in good economic times as well as turbulent ones. Canada was just the second country to adopt this approach. Now, inflation targeting—narrowly defined—is being practised by 36 central banks representing 37 per cent of the world’s economy.