The Montreal based Institute for Research into Public Policy (IRPP) recently posted a new article by William White that is intended to be input to the Bank of Canada’s 2026 review of its monetary policy framework. The article applauds the Bank for many of its actions in the post-covid period, but still raises some fundamental challenges to a framework based on the pursuit of a short-term inflation target. These challenges apply, not only to the Bank of Canada, but to many other central banks as well. The article is accompanied by an Appendix, which provides easy access to many other articles on monetary policy written by William White over his long career. In the coming months, the IRPP will also post two other new papers, on financial stability and the application of complexity science to economics. Each will be accompanied by relevant papers written by White over recent decades.
https://irpp.org/research-studies/rethinking-inflation-targeting/