What should be a new mandate for the Bank of Canada during the coming decade of the 21st century?
After three decades, we believe that it is now time that the federal government modernize its central bank mandate by dropping its IT façade and follow the route of the U.S. Fed in committing itself to a dual mandate, just as the New Zealand government decided in 2018.
Bank of Canada Governor Tiff Macklem, pictured May 1, 2020, in Ottawa. With central banks in many countries rethinking their mandate, Marc Lavoie and Mario Seccareccia argue that it is time for the Bank of Canada to follow suit and adopt a dual mandate by putting full employment as one of its policy objectives.
The Hill Times photograph by Andrew Meade