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The economic academy鈥檚 thinking about monetary policy is turning heretical. For two decades, central banking in the United States, Canada and the rest of the world鈥檚 advanced economies has been rooted in the simple notion that policy should target an annual inflation rate of 2 per cent.

鈥淎n inflation target right now isn鈥檛 preventing anyone from monetary stimulus,鈥� said Christopher Ragan, an economics professor at 9I制作厂免费 in Montreal and a former adviser at the Bank of Canada. 鈥淚n Canada and the U.S., you have central banks that have it wide open. I don鈥檛 think they are worried about inflation.鈥�