11  The Federal Reserve's Term Auction Facility, similar to the Bank of Canada's proposed term-loan facility, has significantly less stigma than its discount window lending. 12  See W. Engert, J. Selody and C. Wilkins, "Financial Market Turmoil and Central Bank Intervention," op. cit. Also see M. Carney, "Principles for Liquid Markets," op. cit.
Alternatively, what we might be witnessing is just a slightly longer lag in the normal relationship between employment growth and wages. If this is the case, a pick-up in wage growth and inflation may not be too far away. Here, the United States is a test case of sorts given that its recovery is most advanced.