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Home Policy Articles: Monetary & Capital Management: Monetary Policy

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Anyone Got a Plan?

As a result of Hurricane Katrina, governments worldwide have scrutinized their emergency response plans for natural disasters. However, Michael Mendelson cautions, they have failed to plan for another type of emergency: an economic slump likely to happen within the next two to three years.
http://www.caledoninst.org/Publications/PDF/562ENG%2Epdf

Banking in North America

This brief report serves as the introduction to Mapping the New North American Reality, a series of brief articles written by Canadian, American, and Mexican policy experts exploring the nature of North American economic integration.
http://www.irpp.org/miscpubs/archive/NA_integ/wp2004-09n.pdf...

Building Prosperity in a Canada Strong and Free

This is the fourth part of former Ontario Premier Mike Harris and former Reform leader Preston Manning’s vision for a stronger Canada. In this report, Harris and Manning discuss optimizing the size of government, reducing taxation, and eliminating inter-provincial trade barriers and excessive regulation.
http://www.iedm.org/uploaded/pdf/211106_en.pdf

Debt Accumulation, Debt Reduction, and Debt Spillovers in Canada, 1974-98

To a certain degree, the amount of debt a government accumulates is beyond its control. Recession means a loss of tax revenue, an increase in certain expenditures and an increase in debt. Debt accumulation from this source should, however, be of limited duration.
http://www.uregina.ca/sipp/documents/pdf/kneebone.pdf

Exploring the Promise of Asset-Based Social Policies: Reviewing Evidence from Research and Practice

This paper explores the potential benefits of polices which aim to increase assets for low income earners. The paper includes discussions of asset-based polices, the challenges they entail and future directions for research in the area. Throughout the paper consideration of poverty reduction and social exclusion are a focus.
http://policyresearch.gc.ca/doclib/Conference%20Summary%20En...

Fringe Banking in Winnipeg’s North End

This study, by Buckland and Martin, explores why fringe banks in Winnipeg’s north end are growing, when they charge higher fees for services that do mainstream banks. They focus on why clients use these services, and whether fringe banks earn excessive profits. The authors present contrasting views on the legitimacy of fringe banks and outline results from recent studies on fringe banking in Canada and the US.
http://www.policyalternatives.ca/documents/Manitoba_Pubs/200...

Good Policies for Bad Times

This Backgrounder by Shay Aba follows a seminar convened by the C.D. Howe Institute on February 1, 2002 pertaining to the themes of Canada’s “current and future economic conditions,” as well as “the roles of fiscal and monetary policy.” Those who attended the seminar called for moderate to average rates of growth, in concert with the downturn (at the time) in the global economy, and its anticipated recovery. With demand for stocks, and therefore stock prices, expected to rise, most attendees agreed that monetary policy, rather than fiscal policy, should be used to smooth out the business cycle.
http://www.cdhowe.org/pdf/backgrounder_58.pdf

Monetary Convergence between Canada and the United States: A Critique of the Official View

This brief report serves as the introduction to Mapping the New North American Reality, a series of brief articles written by Canadian, American, and Mexican policy experts exploring the nature of North American economic integration.
http://www.irpp.org/miscpubs/archive/NA_integ/wp2004-09m.pdf...

Money and Monetary Policy for the 21st Century

Jerry L. Jordan explains money in less than conventional terms. The primary focus of this essay is to describe the importance of financial stability and how this goal is reached.
http://www.fraserinstitute.ca/admin/books/files/MoneyMonetar...

North American Monetary Integration: Should Canada Join the Dollarization Bandwagon?

Over the last decade the concept of North American Monetary Union (NAMU) has received increased attention in Canada. Mario Seccareccia, author of North American Monetary Integration, recognizes this and explores whether NAMU proposals would be beneficial to Canada. According to Seccareccia, the low Canadian dollar, growing integration with the United States, and international examples of monetary integration (such as the European Union experience) are all behind the growth in support for a North American Monetary Union.
http://www.policyalternatives.ca/documents/National_Office_P...

Sticking to its Knitting: Why the Bank of Canada Should Focus on Inflation Control, not Financial Stability

David Laidler argues it has become evident that low inflation is not, in and of itself, sufficient to guarantee bringing overall stability to the financial system. He points to the bursting of the high-tech stock market bubble in the late 1990s as an example of this; it occurred at a time when inflation was low and stable. Laidler points out that, at the same time, the Bank of Canada’s success in controlling inflation has been matched in many countries, to the point that monetary policy seems almost routine.
http://www.cdhowe.org/pdf/commentary_196.pdf

The Real Reasons for the Canadian Dollar’s Power Trip – And What Not To Do About It

In this e-brief, Guillemette, Laidler and Robson argue that the immediate causes of the Canadian dollar’s rise in value can be attributed to: buoyant world demand for Canadian exports, and the general depreciation of the U.S. dollar. They point out there are calls for the authorities to do something to hold down the dollar’s rise, to fix the exchange rate, or even to abandon the dollar altogether for some kind of North American currency union. They argue, however, that these reactions are misplaced.
http://www.cdhowe.org/pdf/ebrief_8.pdf

Towards open skies for airlines in Canada

According to Pierre J. Jeanniot, the Canadian government is considering greater liberalization in the country’s airline industry in line with the current international trend toward open markets in aviation.
http://www.iedm.org/uploaded/pdf/mai05_en.pdf

Two Percent Target – Canadian Monetary Policy Since 1991

In this book (the Donner Prize winner for 2004 as the best Canadian book on public policy) Laidler and Robson explore the transition from the tumultuous financial environment of the early 1990s, to the more peaceful state of play that exists in the early years of the new millennium. They note that inflation has remained low, the Bank of Canada commands more public respect than it has at any time since the 1950s, Canada’s fiscal situation has improved, and there has been no recession following that which occurred in 1991-92.
http://www.cdhowe.org/pdf/policystudy_38.pdf