BoC's Poloz: Inflation will be sustainably at target around mid-2018
|BoC's Governor Stephen Poloz is crossing the wires, via Reuters, noting that current major models provide little insight into forces behind financial crisis or behavior since crisis.
Key headlines (via Reuters):
- Current economic models performing well, but recent experience points to shortcomings that need to be addressed
- Investing in next generation of economic models is one of bank's top priorities
- As models deliver only "approximation of the truth", monetary policy is not a mechanical exercise
- Bank begins deliberations with policy path recommended by models but is always mindful of the uncertainties
- Aftermath of financial crisis has left Canadian economy with persistent excess capacity, inflation in lower half of target range
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