Bank of Canada looks to anecdotal evidence amid economic models' ‘weakening performance'
2013 was a challenging year in more ways than one for the Canadian central bank
The Bank of Canada (BoC) experienced a "weakening in the performance" of its economic models in 2013, governor Stephen Poloz stated in the bank's annual report this week, adding that the bank finds itself in "uncharted territory" after the Canadian economy failed to perform in line with expectations last year.
Poloz said the bank's staff was "working hard to refine those models" and "adapt to this new reality" by testing a variety of new models and methodologies, as well as frequently revising
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