I will elaborate on this theme under three general headings: •  The growth of the financial sector, and especially of the size of the balance sheet of the household sector in the past decade or more, has significant implications for the way the  1  http://www.ifcommittee.org/FisherBiogr.htm  2  'The Debt-Deflation Theory of Great Depressions', 1933, Econometrica, 1, pp 337–357.
BIS Review 24/2005  1  economy is likely to behave in the future, for the kind of analysis central banks conduct and therefore for the sorts of statistics they need to have.