1. According to the article "The Depression Years and the Creation of the Bank of Canada ", when and why was the Bank of Canada established?

2. According to the article "The Depression Years and the Creation of the Bank of Canada":

1. Were private banks for or against the establishment of a Canadian central bank? Ensure you explain why or why not.
2. Were farmers for or against the establishment of a Canadian central bank? Ensure you explain why or why not.(/2)

3. Looking at Table 1 ("Projection for global economic growth")in the Monetary Policy Report, why were growth rates in 2021 significantly higher than in 2022? What does this tell us about the usefulness of GDP as a proxy (i.e., a measure) for economic health?

4. The Monetary Policy Report observes, "the pace of economic growth in Canada is slowing, but demand continues to exceed supply". What implications might observation this have for inflation? What implications might this observation have for unemployment?

5. On page 16, theMonetary Policy Reportincludes a discussion of ongoing labour supply challenges. What happened to the labour supply between 2020 and 2022? Provide examples of several trends discussed in the section. Ensure you use terms from Week 7 lecture/module where applicable (e.g., working age population, labour force; working population; employed vs unemployed)..(/6)

6. Drawing from both assigned readings and course content, did the Bank of Canada adhere to its intended function and purpose in responding to the COVID-19 economic downturn? Why or why not? /4)