Canada's Kennedy on uncertainty in monetary policy

In the speech 'Dealing with uncertainty in the conduct of monetary policy' given on 12 April Sheryl Kennedy of the Bank of Canada said that the data, models and indicators the central bank uses to set monetary policy provide only "approximate information" and that it must rely on a good deal of judgment to steer monetary policy.

"Models, data, and indicators are invaluable in informing monetary policy, but a good deal of uncertainty is inherent in them. By definition, models are

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