Product Description

"At the core of any central bank is a governmental licence to print money — an alchemy of such general wonder and fascination that there is no shortage of running commentary." from the Preface

Never a day goes by without matters of monetary policy being covered in the Canadian media. The value of our dollar, turmoil in global financial markets, economic growth vs. inflation, the possibility of a common North American currency. These are issues that constantly preoccupy our national psyche, and are particularly troublesome to a medium-sized, open economy that lives an uneasy coexistence next to the economic behemoth of the U.S.

Although much ink has been spilled over such matters, never before has it come from one so experienced as an insider in one of Canada's most influential, but least understood, institutions. John Crow's illustrious career at the Bank of Canada spanned twenty-one years, culminating in his seven-year term as Governor. In office through years of very controversial monetary policy, he is possibly one of the Bank's best-known governors.

Part memoir, part history, part analysis of major monetary policy issues, Making Money brings to life the inner workings and the politics of the Bank, an institution of central importance to the financial stability of the country. In such activities as determining interest rates and inflation targets, controlling the money supply, and even designing and issuing bank notes, the Bank has a profound effect on the daily life of every Canadian.

Making Money also sheds light on how the Bank functions more broadly in Canadian society: its relationship with the government in general and the Minister of Finance in particular, the crucial questions of its independence and accountability, how it is linked to larger public policy, and its involvement in federal-provincial issues as well as on the international stage.

Making Money offers a rare glimpse behind the curtain of Canada's central bank: what it is, what it does, how it functions, and the policy choices and constraints it struggles with. This book demystifies the arcane art of central banking, proving that the Bank of Canada matters in the life of every Canadian, and showing what it takes to have a good policy for money, whether in Canada or in any country."
—Foreword by Stanley Fischer
Vice Chairman, Citigroup, and President, Citigroup International; Formerly First Deputy Managing Director, IMF; Killian Professor and Head of Department of Economics, MIT; and Chief Economist, World Bank

"Whether or not the reader agrees with [John Crow's] view, by the end of the book he or she will have been forced to wrestle with the basic issues of monetary policy in the modern world, by someone who has thought clearly and deeply about the issues, who expresses himself simply and cogently, and who makes an impressive case for his views."
—From the Foreword, by Stanley Fischer

Product Details

• Amazon Sales Rank: #391491 in Books
• Published on: 2005-03-24
• Original language: English
• Binding: Hardcover
• 288 pages

Review
Praise for Making Money

"John Crow's memoir combines a fascinating insider view of the world of central banking with a powerful intellectual argument for the key importance of price stability. The lessons extend far beyond the borders of Canada— and the lively prose and refreshing candor make it a delightful read!"

Paul A. Volcker, Former Chairman of the U.S. Federal Reserve

"A must-read book for everyone interested in the future of the Canadian dollar. Lively and readable, John Crow's understated account of the watershed in monetary policy in the 1980s reveals him to be a visionary ahead of his time."

Wendy Dobson, University of Toronto and former Associate Deputy Minister of Finance

"John Crow's book offers a rare opportunity to learn at first-hand about both the art of central banking and its demanding analytical underpinnings. The author's seven years as governor successfully introduced a regime of low inflation in Canada despite a sometimes hostile external and political environment. His forthright and yet subtle account of the challenges posed to both the central bank and the government in formulating and sustaining an inflation target is lucid and relevant in other countries as well."

Niels Thygesen, Danske Bank Professor of International Economics, University of Copenhagen

"John Crow concludes that 'countries get the institutions they deserve and the monetary standard they deserve.' One way for any country to deserve strong monetary policymaking institutions, and an effective monetary policy, is for its citizens to educate themselves by reading this insightful book."

Benjamin M. Friedman, William Joseph Maier Professor of Political Economy, Harvard University

From the Inside Flap
"At the core of any central bank is a governmental licence to print money an alchemy of such general wonder and fascination that there is no shortage of running commentary."
from the Preface

Never a day goes by without matters of monetary policy being covered in the Canadian media. The value of our dollar, turmoil in global financial markets, economic growth vs. inflation, the possibility of a common North American currency. These are issues that constantly preoccupy our national psyche, and are particularly troublesome to a medium-sized, open economy that lives an uneasy coexistence next to the economic behemoth of the U.S.

Although much ink has been spilled over such matters, never before has it come from one so experienced as an insider in one of Canada's most influential, but least understood, institutions. John Crow's illustrious career at the Bank of Canada spanned twenty-one years, culminating in his seven-year term as Governor. In office through years of very controversial monetary policy, he is possibly one of the Bank's best-known governors.

Part memoir, part history, part analysis of major monetary policy issues, Making Money brings to life the inner workings and the politics of the Bank, an institution of central importance to the financial stability of the country. In such activities as determining interest rates and inflation targets, controlling the money supply, and even designing and issuing bank notes, the Bank has a profound effect on the daily life of every Canadian.

Making Money also sheds light on how the Bank functions more broadly in Canadian society: its relationship with the government in general and the Minister of Finance in particular, the crucial questions of its independence and accountability, how it is linked to larger public policy, and its involvement in federal-provincial issues as well as on the international stage.

Making Money offers a rare glimpse behind the curtain of Canada's central bank: what it is, what it does, how it functions, and the policy choices and constraints it struggles with. This book demystifies the arcane art of central banking, proving that the Bank of Canada matters in the life of every Canadian, and showing what it takes to have a good policy for money, whether in Canada or in any country.

From the Back Cover
"At the core of any central bank is a governmental licence to print money— an alchemy of such general wonder and fascination that there is no shortage of running commentary."
from the Preface

Never a day goes by without matters of monetary policy being covered in the Canadian media. The value of our dollar, turmoil in global financial markets, economic growth vs. inflation, the possibility of a common North American currency. These are issues that constantly preoccupy our national psyche, and are particularly troublesome to a medium-sized, open economy that lives an uneasy coexistence next to the economic behemoth of the U.S.

Although much ink has been spilled over such matters, never before has it come from one so experienced as an insider in one of Canada's most influential, but least understood, institutions. John Crow's illustrious career at the Bank of Canada spanned twenty-one years, culminating in his seven-year term as Governor. In office through years of very controversial monetary policy, he is possibly one of the Bank's best-known governors.

Part memoir, part history, part analysis of major monetary policy issues, Making Money brings to life the inner workings and the politics of the Bank, an institution of central importance to the financial stability of the country. In such activities as determining interest rates and inflation targets, controlling the money supply, and even designing and issuing bank notes, the Bank has a profound effect on the daily life of every Canadian.

Making Money also sheds light on how the Bank functions more broadly in Canadian society: its relationship with the government in general and the Minister of Finance in particular, the crucial questions of its independence and accountability, how it is linked to larger public policy, and its involvement in federal-provincial issues as well as on the international stage.

Making Money offers a rare glimpse behind the curtain of Canada's central bank: what it is, what it does, how it functions, and the policy choices and constraints it struggles with. This book demystifies the arcane art of central banking, proving that the Bank of Canada matters in the life of every Canadian, and showing what it takes to have a good policy for money, whether in Canada or in any country.

Foreword by Stanley Fischer
Vice Chairman, Citigroup, and President, Citigroup International; Formerly First Deputy Managing Director, IMF; Killian Professor and Head of Department of Economics, MIT; and Chief Economist, World Bank

"Whether or not the reader agrees with [John Crow's] view, by the end of the book he or she will have been forced to wrestle with the basic issues of monetary policy in the modern world, by someone who has thought clearly and deeply about the issues, who expresses himself simply and cogently, and who makes an impressive case for his views."
From the Foreword, by Stanley Fischer