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Departments at the Bank



The International Department has three main responsibilities. First, it produces timely analysis of current and prospective developments in foreign countries. Second, it provides analysis and policy advice on global economic and financial issues, including those addressed by international financial organizations, such as the International Monetary Fund. Third, it undertakes studies on topics related to international financial markets, especially exchange rates, and the global economy.


The United States-Mexico Division monitors, analyzes and produces research on economic, financial, and policy developments in the United States and Mexico. The division produces quarterly economic projections of the US and Mexican economies and works closely with the Model Development division of the department to maintain and further develop the models of the United States and Mexico.

The Modelling Group is responsible for the introduction of the future global model and for the coordination of its use in the department. The Group also serves as a consultant on modelling and works closely with the United States-Mexico and Asia/Europe divisions by helping to develop departmental models, forecasts, simulations, and presentations. In particular, the Group coordinates the development and monitoring of the model of the US economy (i.e., MUSE).

The Asia-Europe Division monitors, analyzes, and produces projections of economic, financial, and policy developments in the major overseas countries. It also carries out analyzes on issues related to the international economy. Projection models are developed and used as required.

The role of the Global Economic & Financial Issues Division is to analyse and research global economic and financial issues in order to

  • Inform on international issues relevant to the Bank of Canada, with a particular emphasis on long-run macroeconomic and financial issues and risks, and
  • Support the Bank's participation in international fora.

The Division is dedicated to the study and analysis of the global financial system and international linkages, with a particular emphasis on:

  • International capital flows,
  • International financial architecture, and
  • IMF issues.

The objective is to promote an informed discussion on these issues, anchored in a sound analytical framework, both internally and in international fora.

The International Studies Division carries out in-depth research in the areas of international macroeconomics and international financial stability. It also keeps abreast of major theoretical and empirical advances in these fields and informs management of the implications of these developments for Canadian monetary policy and financial stability. The division also seeks to publish its research in leading journals and maintains an active relationship with the academic community through conference participation, collaborative work, and a seminar series for external speakers.