space to explore ideas. third, it ’ s not all about us. the bank ’ s culture emphasizes sharing our knowledge. few people know that we provide technical assistance to other central banks. our assistance spans the globe and runs the gamut of issues, from economic models to bank note quality inspection to business continuity. one area where our help is frequently solicited is web design, because our website has been recognized as the best in central banking. closer to home, we ’ ve introduced new programs to encourage the next generation of researchers, including the graduate student paper award 20 and the governor ’ s challenge. the governor ’ s challenge is a monetary policy competition for undergraduate students in economics that is going on right now. these efforts have a big payback. we learn from other central banks ’ experiences and from the original ideas students have. conclusion let me wrap up. if there ’ s one idea i want to leave you with today, it ’ s this : when the world is moving around you, standing still is a risky strategy. at the bank, we put innovative thinking at the centre of our strategic plan to make sure that we can navigate what ’ s ahead. for us, innovation comes from taking a hard look at what we ’ re doing and considering alternatives. hubris is the enemy of sound policy. innovation comes from involving people, like you here today, in our quest to find the best answers. our commitment to innovation extends to all parts of our business. it will give us the tools to support canada ’ s economic and financial well - being for the next 80 years and beyond. j. muellbauer, p. st - amant and d. williams, “ credit conditions and consumption, house prices and debt : what makes canada different? ” staff working paper no. 2015 – 40, bank of canada, 2015 ; c. friedrich, k. hess, r. cunningham, “ monetary policy and financial stability : cross - country evidence, ” staff working paper no. 2015 – 41, bank of canada, 2015 ; b. feunou, j. - s. fontaine, j. kyeong and j. sierra jimenez, “ foreign flows and their effects on government of canada yields, ” staff analytical note no. 2015 – 1, bank of canada, 2015. the bank of canada graduate student paper award is conferred annually at the canadian economics association conference. the purpose of this award is to promote high - quality research in the subject areas relevant for the

the success of the current framework. a concerted and ambitious research agenda focused on evaluating whether two specific changes – targeting a lower rate of inflation or a path for the level of prices – could provide significant net benefits to the canadian economy and canadian households. subsequently, the experience of the global financial and economic crisis prompted the bank to add a third item to its research agenda – asking to what extent monetary policy should take account of financial stability considerations. allow me to highlight just some of the initiatives and work undertaken by the bank over the past five years. since 2008, we have had three major conferences for our staff and other researchers to present work on inflation targeting and the monetary policy framework. the most important of these research papers have been published in three special issues of the bank of canada review – winter 2007 – 08, spring 2009 and summer 2010. as well, governing council members have spoken regularly and publicly about the issues. bis central bankers ’ speeches we have been pleased to answer questions before this committee regarding progress to date toward renewing the inflation - control target. and tiff and i are happy to answer more of these questions today, as well of course, questions about the outlook for the canadian economy. thank you. bis central bankers ’ speeches