More savings allow the capital stock to rise at the same time as the share of population working declines. People work more years of their lives, in part to help them build up their savings. Nevertheless, they need not spend a greater share of their lives working.
It is an honor to share this panel with my colleagues. • To address today’s panel “Central Banking in a New Era?” I will make some remarks on four topics: i) monetary policy; ii) financial stability; iii) payment systems, and iv) climate change.