In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty....

The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high...