Amidst a swirling tide of new ideas, Canada's economic institutions remain bastions of orthodoxy | the Hub

black and white photo of the Bank of Canada building
Published: 23 May 2023

May 23, 2023 | New and often radical ideas have emerged about how much governments can spend and how trade should be conducted following COVID-19 and Russia's invasion of Ukraine. Chris Ragan says most people at the Bank hold conventional views on how trade should be conducted, despite public discourse about concepts like Modern Monetary Theory (MMT). He has mentioned that he doubts that anyone in Finance or the Bank of Canada is taking MMT seriously

“My own take is that MMT is basically a prescription for eliminating the central bank’s independence and subsuming the central bank actions more or less into the Finance authority,” says Ragan. “I would be very surprised that very many people thought that was a good idea in the Bank of Canada.” Chris Ragan says. 

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