Since developments in employment and wages tend to lag behind economic growth, my view is that a considerable time lag is to be expected until the inflation rate rises together with the wage increase.
2  C. Wilkins, “Liquid Markets for a Solid Economy” (speech to the Chambre de commerce du Montréal métropolitain, Montréal, 5 May 2015). BIS central bankers’ speeches  1  financial institutions have adjusted their operations, including how they manage their liquidity needs. In Canada, liquidity across the system has typically been distributed by the major banks and dealers.