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BOC: BOC Publishes Review Of Extraordinary Pandemic Actions

BOC
Bank of CanadaCentral Bank NewsCanadaBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
MNI (OTTAWA)
  • An external panel was commissioned by the Bank to assess its exceptional policy actions during the pandemic which included former Bank of Spain Gov Pablo Hernandez de Cos, MIT's Prof Kristin Forbes and University of Calgary's Prof Trevor Tombe. 
  • In the future, BOC said it will be clearer about the limited times it will buy large-scale assets to guard against moral hazard. It will also clearly distinguish the purpose i.e. market stimulus vs. market functioning. 
  • "The Bank could link the size and pace of purchases, as well as the end of QE, more clearly to the inflation outlook." 
  • If it needs to use extraordinary forward guidance in the future, BOC said the conditions will be clearly tied to the inflation outlook and this will be emphasized more often in its communications. 
  • The panel noted the need to improve forecasting tools. BOC said it begun work on its next generation of economic models including supply chains in production. 
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MNI (OTTAWA)
  • An external panel was commissioned by the Bank to assess its exceptional policy actions during the pandemic which included former Bank of Spain Gov Pablo Hernandez de Cos, MIT's Prof Kristin Forbes and University of Calgary's Prof Trevor Tombe. 
  • In the future, BOC said it will be clearer about the limited times it will buy large-scale assets to guard against moral hazard. It will also clearly distinguish the purpose i.e. market stimulus vs. market functioning. 
  • "The Bank could link the size and pace of purchases, as well as the end of QE, more clearly to the inflation outlook." 
  • If it needs to use extraordinary forward guidance in the future, BOC said the conditions will be clearly tied to the inflation outlook and this will be emphasized more often in its communications. 
  • The panel noted the need to improve forecasting tools. BOC said it begun work on its next generation of economic models including supply chains in production.