After 30 years with an inflation target, it was time for a more systematic comparison of a range of alternatives. It was also time to listen to Canadians from coast to coast to coast. The review therefore encompassed two main elements.
We undertook an evaluation of the alternatives to flexible inflation targeting—a horse race between what we have and what others have tried or have urged us to try. We also consulted with Canadians to hear about their experiences with inflation and the economy, and to learn about their aspirations for Canada’s monetary policy.