More generally, as highlighted in recent years by the G20, inequality can make economies less resilient.7 The Bank of Canada’s policy framework is up for renewal next year, and we were already in the middle of a comprehensive review before COVID-19 came along.
As Senior Deputy Governor Carolyn Wilkins said recently, we are exploring different frameworks to compare how effectively they support price stability, the economy and jobs, including the distribution of income and wealth.8 We are asking Canadians to take part in an online survey called Let’s Talk Inflation to tell us how changes in the economy are affecting them and their communities.