As we move forward, I trust that we all have learned durable lessons about the benefits of fostering and preserving a flexible economy. In the United States that flexibility has been the product of the  4/5  economic dynamism of our workers and firms that was unleashed, in part, by the efforts of policymakers to remove rigidities and promote competition.
Although the business cycle has not disappeared, flexibility has made the United States and most of the global economy more resilient to shocks and more stable overall during the past couple of decades. To be sure, that stability has created some new challenges for policymakers.