Digitalisation has complex impact on monetary policy – BoC paper
New technologies could affect policy transmission, communication and data tools
Digitalisation is likely to have a complex set of effects on monetary policy, researchers with the Bank of Canada say in a new staff discussion paper.
Overall, the effects of novel technologies on monetary policy are unclear. “Digitalisation has the potential to increase or dampen the responsiveness of inflation to monetary policy,” say Vivian Chu, Tatjana Dahlhaus, Christopher Hajzler and Pierre-Yves Yanni, noting the literature is largely inconclusive on this point.
In the paper, the authors
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