November 10, 1995
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November 10, 1995
Bank of Canada Review - Autumn 1995
Cover page
Mauritius, 10 rupees, 1971
Slightly smaller than a Canadian silver dollar and struck in copper-nickel, the coin shown on the cover is part of of the National Currency Collection of the Bank of Canada.
Photography by James Zagon.
Content Type(s):
Publications,
Bank of Canada Review
November 9, 1995
The effect of foreign demand shocks on the Canadian economy: An analysis using QPM
Historically, rapid and unsustainable increases in the demand for goods and services originating within the economies of Canada's major trading partners have had a significant impact on the domestic economy. These episodes are typically characterized by increases in world commodity prices and by a tightening of monetary conditions abroad to contain inflationary pressures. In this article, the author uses the Bank's quarterly projection model (QPM) (described in the autumn 1994 issue of the Review) to trace the mechanisms that transmit these foreign developments throughout the Canadian economy. In addition, he outlines the response that is required from domestic monetary authorities to maintain a target rate of inflation.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Recent economic and financial developments
November 8, 1995
The role of monetary conditions and the monetary conditions index in the conduct of policy
In these excerpts from a presentation to a conference in Toronto, Deputy Governor Charles Freedman analyses the way in which the monetary conditions index (MCI) enters into the Bank's thinking and actions. He describes how the Bank works in the context of a forward-looking assessment of economic developments and inflationary pressures to decide upon a desired path for the MCI that will result in a rate of inflation, six to eight quarters ahead, that is within the Bank's target band. Mr. Freedman also uses specific examples to explain how various shocks to the economy can change the Bank's desired path for monetary conditions. He describes the role that tactical considerations relating to market circumstances play regarding the timing of Bank actions to bring monetary conditions onto the desired path and emphasizes the need to give precedence to steadying nervous markets.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Monetary conditions index
August 10, 1995
Aspects of economic restructuring in Canada, 1989-1994
The way in which Canadian firms produce goods and services has changed dramatically during the 1990s. A major feature of this restructuring has been a shift towards greater use of capital goods, particularly computer-based technology, relative to labour in production processes. The author examines this phenomenon from a macroeconomic perspective, identifying the principal factors behind the trends in investment and employment since the late 1980s. The analysis focusses on the relative costs of capital and labour over the period and on their implications for output and employment.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Productivity,
Recent economic and financial developments
August 10, 1995
Bank of Canada Review - Summer 1995
Cover page
France: 1,000 francs, 1944
The 1,000 franc note is part of the National Currency Collection, Bank of Canada.
Photography by James Zagon.
Content Type(s):
Publications,
Bank of Canada Review
August 9, 1995
Uncertainty and the transmission of monetary policy in Canada (HERMES-Glendon Lecture)
Gordon Thiessen, Governor of the Bank of Canada, delivered the HERMES-Glendon Lecture at York University, Toronto, in March 1995. The speech focussed on the interrelationships of uncertainty and the transmission of monetary policy to the economy. It looked at how the various types of uncertainty influence the behaviour of economic actors, and at how uncertainty affects the transmission of monetary policy through the economy. The first part of the lecture outlines the Bank of Canada's view of the transmission mechanism, with considerable attention paid to the role of uncertainty. In the second part, the various ways in which the Bank has tried to reduce uncertainty are discussed. The various kinds of uncertainty that impinge on the economy and on the policy process are addressed.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Monetary policy implementation
May 15, 1995
This is the first in a series of semi-annual reports by the Bank of Canada on Canadian monetary policy.
Monetary Policy Report – May 1995
Content Type(s):
Publications,
Monetary Policy Report
May 9, 1995
Interpreting recent changes in monetary aggregates
In 1994, broad monetary aggregates such as M2+ grew at an unusually slow rate, indicating a continuation of low inflation. Narrow money, M1, ballooned early in the year, partly for technical reasons. However, its overall deceleration for the year as a whole would be consistent with lower output growth in the first half of 1995 than was seen the year before. During the first half of 1994, there was a continued shift by investors from deposits into equity, bond and mortgage mutual funds. In the second half of the year, following a rise in interest rates and a fall in the yields posted by mutual funds, there was a movement back into M2+. In this annual review of the monetary aggregates, the author discusses the reasons for these shifts and their implications for M2+.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Monetary aggregates
May 9, 1995
Cover page Canada: sovereign die, 1908 The die is part of the National Currency Collection, Bank of Canada. Photography by James Zagon.
Bank of Canada Review - Spring 1995
Content Type(s):
Publications,
Bank of Canada Review