本文发表在 rolia.net 枫下论坛Canada's struggling economy still needs the extra boost of monetary stimulus to help keep the recovery on track, and it might take longer than expected to get there, Bank of Canada senior deputy governor Carolyn Wilkins said Monday.
She said "persistent headwinds" could mean that "some degree of stimulus" will be needed to keep inflation on target, even after the economy returns to full capacity.
In her first speech as the senior deputy governor, Wilkins said the neutral interest rate — the level at which the economy can be sustained at full capacity with stable inflation — has dropped to a range of three to four per cent, about 1.5 percentage points lower than before the economic downturn.
The lower estimate for the neutral rate means interest rates could be lower than they have been in the past when the economy is running at full steam.
The Bank of Canada has kept its key interest rate at one per cent for four years.
"It is clear that continued monetary stimulus is needed to return the Canadian economy to sustainable growth and to maintain inflation at target," Wilkins told an audience at the Toronto Region Board of Trade.
"Depending on the evolution of the data, it is possible that persistent headwinds will mean that some degree of stimulus will be required even after the output gap is closed to keep inflation at target."
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She said "persistent headwinds" could mean that "some degree of stimulus" will be needed to keep inflation on target, even after the economy returns to full capacity.
In her first speech as the senior deputy governor, Wilkins said the neutral interest rate — the level at which the economy can be sustained at full capacity with stable inflation — has dropped to a range of three to four per cent, about 1.5 percentage points lower than before the economic downturn.
The lower estimate for the neutral rate means interest rates could be lower than they have been in the past when the economy is running at full steam.
The Bank of Canada has kept its key interest rate at one per cent for four years.
"It is clear that continued monetary stimulus is needed to return the Canadian economy to sustainable growth and to maintain inflation at target," Wilkins told an audience at the Toronto Region Board of Trade.
"Depending on the evolution of the data, it is possible that persistent headwinds will mean that some degree of stimulus will be required even after the output gap is closed to keep inflation at target."
blah, blah, blah更多精彩文章及讨论，请光临枫下论坛 rolia.net