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Senior Deputy Governor Carolyn Wilkins talks about the major trends of the Canadian economy and how they affect monetary policy.

The Bank of Canada is calling for nominations under its Fellowship Program for 2017. This program provides monetary awards to foster excellence in economic and financial research in Canada, and supports the Bank’s development of partnerships with leading experts.

In the first annual Paul Storer Memorial Lecture on Canada–US relations, given at Western Washington University, Governor Poloz said that the evolution of international trade practices, such as building global value chains and establishing foreign affiliates, suggests that economies are becoming more integrated.

In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously.

Canadians need to understand the forces that have led to a prolonged period of low interest rates and make adjustments, Bank of Canada Governor Stephen S. Poloz said.