The high levels the terms of trade reached on some occasions were not permanent, but they did persist long enough to have a big impact on economic outcomes. 3  “Mining Booms and the Australian Economy”, address to the Sydney Institute, Sydney, 23 February 2010. Available at: <http://www.rba.gov.au/publications/bulletin/2010/mar/pdf/bu-0310-10.pdf>.
The fact that we were talking about this issue a year ago, and indeed two years earlier than that, that we are still taking about it now, and doubtless will be for another year at least, says something in itself. 2  BIS central bankers’ speeches  What do we know about this boom?