BIS central bankers’ speeches  21  Chart 10 Phillips Curve CPI all items less fresh food, y/y % chg.  4  1983/Q1-2013/Q1  3  B  2 1  A  0 A: 1983/Q1-2013/Q1 y = 0.36x + 0.7 B: 1983/Q1-1995/Q4 y = 0.28x + 1.1 C: 1996/Q1-2013/Q1 y = 0.28x + 0.3  C  -1  2013/Q1  -2 -3 -9  -8  -7  -6  -5  -4  -3  -2  -1  0  1  2  3  4  5  6  7  8  GDP gap (2-quarter lead, %) Note: The output gap is estimated by the Bank of Japan.
It’s great to be back in Halifax, one of Canada’s most colourful port cities. It is the wonderful juxtaposition of the new with the old - Halifax’s modern focus with its rich maritime traditions - that makes this city special. It’s been a year since I last spoke in Halifax, and a lot has changed since then.