Monetarism in Canada and the World Economy

Abstract

The candour of Gerald Bouey's declaration of faith in monetary targeting, infrequent in public pronouncements of central bankers and decidedly uncharacteristic of governors of the Bank of Canada, serves as a simple reminder of the enthusiasm with which Canadian state officials greeted monetarism. Productivity and economic growth were declining in Canada, while current account deficits and unemployment were both rising and the numbers of days lost to strikes was higher than in any other OECD country.

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