A subtle shift in monetary policymaking is afoot with a new generation of central bankers, striving to secure global economic recovery, prepared to challenge the old doctrine of inflation-fighting at all costs. Mark Carney, the governor of the Bank of Canada and soon-to-be head of the Bank of England, may or may not have intended to spark a high-level debate last week over how diligently central banks should fend off inflation. But he did just that with his speech in Toronto on the BoC's flexible approach to prices, and his musings on alternative approaches to policy that the Canadian central bank had considered but ... (full story)