A distinction is made between morality on how we evaluate ourselves and ethics or how we assess others in relation to us. In the rest of my talk, I will be ethical on two planes – your interactions with each other; and, how you appear to us, your admirers. I request your indulgence, if only to while away the time till lunch.
6  See the discussion in Jonathan H. Wright (2006), "The Yield Curve and Predicting Recessions," Finance and Economics Discussion Series 2006-7 (Washington, D.C.: Board of Governors of the Federal Reserve System, March). 7  Ben S. Bernanke, "The Global Saving Glut and the U.S. Current Account Deficit," Homer Jones Lecture, April 14, 2005. BIS Review 21/2006  5