Poloz urges economists to create new economic models

Poloz highlights the importance of updating economic models. Image: Bank of Canada
Bank of Canada

Economists should be looking at what the "next generation" of economic models will look like, as the structure of the world economy adapts to the rise of the service industry, the governor of the Bank of Canada has warned.

Speaking in Toronto on November 28, Stephen Poloz detailed how the rise of the service industry has resulted in an adjustment process in how economic models measure concepts such as output and productivity.

"The concept of an output gap is gradually changing, as services

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