Distinguished speakers, ladies and gentlemen,
This morning we have heard an insightful discussion on the economics of long‐run growth
and in my remarks I would like to keep with this theme. But since I’m not an expert on
growth theory, my aim for today is quite modest. I will begin with some observations on
long‐term growth before moving on to the more familiar territory of monetary policy. And
here, I will argue that the current mainstream thinking has put too little emphasis on the
role of monetary policy in long‐term growth. In doing so, I highlight specific problems with
prevailing conceptual paradigms. In all this, as you enjoy your lunch, I hope to give you some
food for thought and not cause any indigestion.