Digitization poised to disrupt central banking, too: Bank of Canada’s Poloz
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OTTAWA — Bank of Canada governor Stephen Poloz is recommending to his international policy-making peers that they consider the often-elusive economic effects created by the spread of digital disruption.
Poloz says statistical agencies have been underestimating the level of economic growth driven by the advance of digitization — an effect he believes could have implications for inflation outlooks and even interest-rate decisions.
He made the remarks Saturday during a panel appearance at the annual meeting of central bankers, academics and economists in Jackson Hole, Wyo.
Poloz says there are a couple of existing economic measures that provide a rough idea of the digital economy’s effects — but he believes they only represent the tip of the iceberg.
