Bank of Canada deputy stresses heterogeneity’s role in monetary policy

Sharon Kozicki
Sharon Kozicki
Bank of Canada

Sharon Kozicki, deputy governor with the Bank of Canada, said monetary policy must be guided by the broad and granular differences in household income and demographics.

“Differences in how people experience a shock can amplify its effects as well as the impact of fiscal and monetary policy responses,” said Kozicki on July 4. The pandemic, she said, spurred the bank to increase efforts to study “granular” economics.

Other central bankers, such as US Federal Reserve governor Lael Brainard, have

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