The Globe and Mail reports in its Saturday edition that the surge in inflation in recent years has challenged central bankers to a degree not seen since the high inflation of the 1970s and early 1980s. The Globe's Mark Rendell writes that the experience has called into question the models central bankers rely on to understand the economy and figure out how to keep inflation under control. No economic model, no matter how sophisticated, could have predicted a global health emergency, the speed of vaccine development or the outbreak of a major European war. Models, however, can do a better or worse job identifying key economic forces and providing a road map for where inflation is headed. Through much of 2021 and early 2022, the economic models used by central bankers and most other forecasters came up short. Now, however, about 20 Bank of Canada economists have been working on a major overhaul of the bank's workhorse macroeconomic models. In what will be the largest revamp in nearly two decades, the BOC intends to replace its two main macroeconomic models -- the "Terms-of-Trade Economic Model" (ToTEM) and "Large Empirical and Semi-structural Model" (LENS) -- with a new core model for forecasting and analysis.