This is an ongoing list of links that are useful in learning monetary theory in Canada.
The only place to start learning about monetary theory in Canada, the primers on the Bank of Canada website:
A couple of federal government pages that very plainly state the realities of our monetary system:
- How the Bank of Canada Creates Money for the Federal Government: Operational and Legal Aspects
- Fiscal Surplus and Fiscal Deficit: Everything’s Quiet on the Monetary Front
For a more fun introduction to the monetary system, watch this great student film, where they managed to get many well-known Canadian politicians on the record talking about the monetary system:
A paper from the Bank of England being much more candid and honest about the structure of the monetary system (ours is nearly identical to theirs):
If you want to be a little more official about your eduation, here’s an excellent Canadian university textbook that happens to be entirely online:
For those who wish to travel deeper down the rabbit hole, here are the main technical papers from the Bank of Canada:
- The Transmission of Monetary Policy in Canada (1996)
- Implementation of Monetary Policy in a Regime with Zero Reserve Requirements (1997)
- The Canadian Banking System (1998)
- The framework for the implementation of monetary policy in the Large Value Transfer System environment (1999)
- CAN A BANK CHANGE? THE EVOLUTION OF MONETARY POLICY AT THE BANK OF CANADA 1935–2000 (2000)
- The Implementation of Monetary Policy in Canada (2008)
- A Primer on the Implementation of Monetary Policy in the LVTS Environment (2010)
- The “Bank” at the Bank of Canada (2015)
- Framework for Market Operations and Liquidity Provision
Here are a couple papers making the case that monetary financing for public spending (money printing) is not inherently inflationary and that resistance to its use is purely an ideological choice:
A VERY revealing speech from a BoC Deputy Governor about some of the cracks starting to appear in a monetary system not designed for low growth:
And here are some great MMT links: