Incoming RBA governor Michele Bullock says the central bank will need to reassess how it controls inflation in the future, saying the growing uncertainty posed by climate change will pose a new economic challenge.
abc.net.au/news/michele-bullock-incoming-rba-governor-climate-change-inflation/102789070Growing uncertainty posed by climate change could make it harder for central banks to manage inflation, and may force the Reserve Bank of Australia to reassess how it controls inflation in the future, incoming governor Michele Bullock says.
"These climate risks will affect the economy through several channels," she said in her last speech as deputy RBA governor. The long run, she said, would include how the RBA approaches monetary policy — that is, how it controls outbreaks of inflation.
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