BoC paper experiments with price-level targeting

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A Bank of Canada (BoC) paper published on Friday shows the public's perception of inflation can effectively revert towards a price-level targeting regime even though forecasts of future inflation are not fully utilised.

Robert Amano, Jim Engle-Warnick and Malik Shukayev, the paper's authors, shed light on the formation of inflation expectations under a price-level targeting regime by conducting an economics decision-making experiment that tests the key assumptions underpinning the efficacy of

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