For example, there could be merits in matching the more structural long-term trends in the autonomous liquidity factors, most notably the growth in currency in circulation, with corresponding instruments of structural liquidity supply at longer maturities. Expanding the range of maturities following the exit would probably go hand-in-hand with the decision to return to competitive auctions.
Some have even suggested that central banks may be losing the ability to understand the processes that drive inflation. I hope to persuade you today that this is not the case. I’ve been at this for a long time, having been part of the team that developed the Bank of Canada’s policy framework back in the 1980s.