Let me emphasize, however, that the Bank’s inflation target remains the overarching goal—the prime mission of our monetary policy. 11  See, for example, T. Duprey, “Asymmetric Risks to the Economic Outlook Arising from Financial System Vulnerabilities,” Bank of Canada Staff Analytical Note No. 2018-6 (March 2018).
12 The destabilizing effects of tightening in the short term are examined in G. H. Bauer and E. Granziera, “Monetary Policy, Private Debt, and Financial Stability Risks,” International Journal of Central Banking 13, no. 3 (2017): 337–373. 13 In 2017, the Terms of Trade Economic Model (ToTEM) was revised to have improved modelling of household debt and a more-detailed modelling of the housing market.