Thank you for the invitation. Tonight I will take opportunity to make some brief remarks about the monetary policy framework, then go on to the current state of the economy and the associated issues for monetary policy. I would like to conclude briefly with a longer-term perspective.
6 For example, Syverson, C. (2004): “Product Substitutability and Productivity Dispersion.” Review of Economics  and Statistics, 86(2): 534–50 shows that within four-digit industries in the US the top 10% of firms are, on average, two times as productive as the bottom 10%.