Bloomberg News

Carney Says Nominal GDP Targeting Not Appropriate for Canada

November 02, 2011

Nov. 2 (Bloomberg) -- Bank of Canada Governor Mark Carney said today that targeting nominal growth of the economy wouldn’t be an appropriate monetary policy for Canada.

Carney, testifying to the Senate Banking Committee in Ottawa, said that while there are “interesting aspects” to targeting nominal GDP growth, the regime wouldn’t be as good for the economy as the current inflation-targeting policy.

The central bank and government are scheduled to renew their monetary policy agreement by the end of this year.

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net


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