Title Details

Prior to joining the Bank of Canada, Mr. Crow held various positions with the International Monetary Fund (IMF) in Washington, D.C. His initial work at the Fund was concentrated on Latin America. He then transferred to the North American Division (Canada, the United States, and Mexico), and in 1970 was appointed Chief of the Division.

Born in London, England, Mr. Crow spent two years on national service in the Royal Air Force, qualifying as an interpreter in Russian. He holds a degree from Oxford University in Philosophy, Politics, and Economics.

Mr. Crow now lives in Toronto and engages in a wide range of private- and public-sector activities in Canada and abroad. He is director or advisor to a number of companies, and is also a Senior Fellow of the C.D. Howe Institute and Chairman of the Investment Committee of the Canada Council for the Arts. In 1999, he chaired a committee of international experts that was commissioned by the Executive Board of the International Monetary Fund to evaluate IMF bilateral, regional, and multilateral surveillance activities; and in 2002 he participated in a high-level international assessment of monetary problems in Argentina.

Foreword.

Preface.

PART I: DOMESTIC BANK.

Chapter 1. A Question of Purpose.

Chapter 2. Putting the Bank in Its Place.

Chapter 3. A Place to Work.

Chapter 4. Financial Stability: Doing What a Central Bank Can.

PART II: GLOBAL BANK.

Chapter 5. Trying to Be Diplomatic.

Chapter 6. Exchange Rate Matters.

PART III: HOW MONETARY POLICY HAS EVOLVED.

Chapter 7. Monetary Policy in the 1970's and 1980's.

Chapter 8. Creating Inflation Targets.

Chapter 9. Fiscal and Monetary Policy: Together and Apart.

Chapter 10. A New Monetary Policy?

Chapter 11. Financial Futures.

List of Cited Works and Documents.

Index.

"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