The difference may have suggested a greater improvement in the output gap in the case of the Bank’s estimate.5 Moreover, according to the Bank’s estimate, the decline in Japan’s potential growth appears to have occurred since around the time of the global financial crisis.
I thank the organisers for having invited me to share with you some of my thoughts on the future of central banking. I will not surprise when I say that it is good to first look back before being able to fully understand where we stand now, and, eventually, give insights on where we may go from here.