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January 10, 2023 | Professor Christopher Ragan, Director of the Max Bell School of Public Policy spoke at the Global Risk Institute webinar and said it's "very unlikely" that the Bank of Canada has gone too far already and overtightened. He pointed to inflation expectations from businesses for the next two years remaining above the central bank's target range. Ragan noted the challenges central banks face as we emerge from the Covid-19 and it's "tremendous supply shock," where we should have tremendous humility about our estimates of potential output and output gap.听

鈥淚鈥檓 still one of those older, uncreative people who believe that sustained inflation is ultimately coming from monetary policy, and that if central banks choose to want to return to a 2% inflation target, they can do it and they know how to do it,鈥� Professor Ragan.

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