When the Bank of Canada was first established in 1935, it had two very different models to choose from--the Bank of England and the U.S. Federal Reserve--in terms of the instruments that it might use for implementing monetary policy. Although some aspects of the Bank's early monetary policy...

During the 1990s the Bank of Canada made several changes that transformed its conduct of monetary policy. In the 1960s and 1970s, policy decisions were made in an environment characterized by instrument opaqueness and goal opaqueness, which tended to shield the Bank's operations from scrutiny...

Counterfeiting poses a significant public policy issue because of the important role that paper money plays in Canada's payments system. Yet the threat of counterfeiting in all economies has increased markedly in the past decade as a result of technological advances to photocopiers and computer...