*  *  *  I thank Doug Clement, David Fettig, Terry Fitzgerald, Bernabe Lopez-Martin and Kei-Mu Yi for many helpful thoughts and comments. As you just heard, I’m the president of the Federal Reserve Bank of Minneapolis.
For comparison, over the same period the volatility of inflation and real GDP growth in the United States was 1.3 and 2.1 percentage points respectively. 9  See Issing (2006).