1. Inflation and the role of inflation expectations  Let me begin by going back to the 1970s. When we started that decade, the inflation rate was around 3 per cent. But it quickly rose to over 12 per cent in the span of three years.
I went to Northwestern in 1978 and came home in 1983. So, there is no other place where I have stayed longer than UP, but there is no other place outside UP where I have stayed longer than in the BSP [Bangko Sentral ng Pilipinas]. And as they say, sometimes, you love your latest girlfriend more than the previous ones.