During the 1980s and 1990s, free-trade agreements with the United States and Mexico focused Canada’s attention on the opportunities south of the border. Individual Canadians and businesses have been making the tough adjustments that are necessary to face increased competition and to take advantage of new opportunities.
14  Mishkin (2007e) discusses several key distinctions between overall inflation and core inflation in informing the conduct of monetary policy. 15  Mishkin (2007h).