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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.

In October and November 2004, officials from the Department of Finance and the Bank of Canada consulted with interested parties on issues related to the government's domestic debt program, and the review of the government's debt distribution framework.

Bank of Canada Governor David Dodge said today that Canada's experience under inflation targeting has been "unambiguously positive" since the central bank and federal government agreed to adopt this monetary policy framework in 1991.

The invitation is timely, given that the Bank of Canada's inflation-targeting agreement with the Canadian government is up for renewal next year. At the Bank, we are always reflecting on our framework, deciding what works well and what we can improve. Against that backdrop, we have watched with interest the debate taking place here in the United States - inside and outside the Federal Reserve - about whether that institution should join the ranks of inflation-targeting central banks.

The Bank of Canada today announced that Professor Paul Beaudry of the University of British Columbia is the recipient of the Bank's Research Fellowship for 2005.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 1/2 per cent.

Effective immediately, calls for tenders for cash management bills may be released on any day at either 10:00 a.m. or 4:00 p.m. The addition of a later time to the existing Auction Timetable will increase the ability of the government's cash managers to raise balances on short notice in response to unexpected developments.

Bank of Canada Governor David Dodge said today, that in conducting monetary policy, the Bank analyzes movements in the Canadian dollar in the context of economic and financial data and events.

Every year, the Canadian Press surveys news directors and editors to select the top business story of the year. In 2004, they picked the rise of the Canadian dollar. That was not a surprising choice.

In December 2004, the Bank of Canada sent those banks who are members of the Canadian Foreign Exchange Committee (CFEC)1 a questionnaire that focused on the foreign exchange hedging activities of their corporate customers. The questionnaire was similar in structure to one that was circulated to CFEC members in January 2004.