Many people would add the current account of the balance of payments to my list, and point out that in the later stages of previous expansions, fast economic growth led to a widening in the current account deficit.
Again, we are different this time in that the buoyant domestic demand growth we have experienced over the past year has been accompanied by a decline in the current account deficit. Of course, I have only listed domestic factors that give rise to imbalances and imperil the expansion.