The issues we research are based on monetary policy experience, primarily in Canada, but also in other jurisdictions, and on academic and policy-related discussions and research. We also consult widely, most notably with the Department of Finance, as well as other central banks, policy institutions and the private sector. All our research, as well as a comprehensive background document, is published on our website.
The renewal process has evolved over time as our experience and understanding of inflation targeting has broadened and deepened. Although we haven’t made many changes to the framework, we’ve gotten better at operationalizing it. Most notably, having a well-understood and credible inflation target has facilitated—and indeed demanded—more transparent communications, since the public can more easily hold the Bank accountable for monetary policy outcomes.