In this chapter, Don Drummond makes the case that with large deficits there was little room for the Bank of Canada to reduce interest rates to stimulate the economy and generate revenues. It was imperative that the deficit be eliminated. Tax rates were already high so the government had no...

In this chapter, Pierre Fortin provides a critique of the conduct of Canadian monetary policy in the 1990s, a critique that he developed throughout the decade. While not denying that the US economic slowdown in the early 1990s reduced growth in Canada, Fortin lays the blame for the inferior...

In this chapter, Paul Jenkins and Brian O'Reilly survey the monetary policy developments in the 1990s, focusing on links between monetary policy and the economic well-being of Canadians. The Bank of Canada economists do admit that tight monetary policy in the early 1990s hurt growth in the...

The objective of this report is to develop a more comprehensive understanding, from a policy perspective, of key drivers of labour productivity in selected OECD countries and their impact on enhanced productivity performance. The report is divided into three major parts. The first part will...