So that left me only with the last part of the theme – the 21st century, where I also do not have any comparative advantage as we are all experiencing it together. But let us begin there, at the outset of the third decade of this extremely eventful century. Technology is all around us.
It is the best contribution monetary policy can make to the economic and financial well-being of Canada. And achieving the inflation target is consistent with closing the output gap and attaining full employment in a typical business cycle. Among economists, this is known as the “divine coincidence.”1 This business cycle has been far from typical. It spans a particularly destructive recession.