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Canada’s inflation-control targets establish a specific medium-term objective for monetary policy.

Since the last Report, the Canadian economy has advanced broadly in line with expectations.

In the last half-year, the economic expansion in Canada has become well established, supported by low inflation, highly stimulative monetary conditions, and a strong U.S. economy.

Growth in the Canadian economy has been essentially in line with the expectations set out in the Bank’s January Monetary Policy Report Update.

During the past six months, global economic uncertainties have intensified, largely as a result of developments in emerging-market economies.

Multi-stage production is widely recognized as an important feature of the modern global economy. This feature has been incorporated into many state-of-the-art quantitative trade models, and has been shown to deliver significant additional gains from international trade.

At the time of the November 2000 Monetary Policy Report, although signs of the anticipated slowing of the U.S. economy were becoming apparent, the momentum of the global economy was considered strong.

Over the past year, Canada’s economy has outperformed the economies of virtually all the other major industrial countries.

We study the formation of price bubbles on experimental asset markets where cash earns interest. There are two main conclusions.

In Canada, temporary workers account for 14 per cent of jobs in the non-farm business sector, are present in a range of industries, and account for 40 per cent of the total job reallocation. Yet most models of job reallocation abstract from temporary workers.