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November 19, 2019

The Bank of Canada’s current mandate should not be expanded to include financial stability, says a new report from the C.D. Howe Institute.

In “The Bank of Canada and Financial Stability: A New Mandate?,” authors Michael D. Bordo and Pierre L. Siklos marshal historical and empirical evidence to make the case that the Bank of Canada should not confuse the public by adding the burden of meeting a goal—financial stability—it cannot reasonably achieve on its own.

Michael D. Bordo

Montreal-born Michael D. Bordo is Board of Governors Professor of Economics and Distinguished Professor of Economics at Rutgers University. He has a Bachelor of Arts in Honours Economics and Political Science from McGill University and was an associate professor at Carleton University.

Pierre Siklos

Pierre Siklos specializes in macroeconomics with an emphasis on the study of inflation, central banks, and financial markets.  He also conducts research in applied time series analysis.