Bank of Canada maps path to ‘fourth-generation’ models

Officials plan to create new workhorse model backed by variants focusing on key topics

Bank of Canada, Ottawa
Bank of Canada, Ottawa
Photo: Matthew Liteplo Photography

Research by the Bank of Canada has started to map out how it will move to a ‘fourth generation’ of monetary policy models.

The Bank of Canada has two main policy models: a dynamic stochastic general equilibrium model called Totem; and a semi-structural model known as Lens. Totem entered service in 2005 and Lens in 2014, but the BoC now thinks economic research has advanced far enough to consider a fresh update.

Don Coletti, adviser to the BoC’s governor, outlines its strategic plan for its

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