Via Backbone Phil last night:
It is a pleasure for me to speak at the annual dinner of the Australian Business Economists. I have spoken at this dinner three times before: in 2010, 2012 and 2014. Thank you for inviting me back.
When I spoke in 2012 the title of my remarks was ‘What is Normal?’[1] On that occasion, I talked about a recalibration in expectations about what was considered normal in the Australian economy. I also suggested that the normal level of interest rates might be lower than it was in the past.
