So today, with the benefit of hindsight, I want to talk about some early lessons we can draw from this episode. But in other areas, we could have done better. Looking back now, I believe we got a lot of things right when trying to manage the economic fallout from the pandemic. This is a key approach to policy-making: we draw from past experiences to figure out what actions will best support the economy, keep inflation on target and protect the well-being of households and businesses. Others stemmed from the playbooks we used during other crises. Some were new and innovative in response to the situation before us. When COVID-19 first hit, the Bank of Canada-and many other central banks-took a series of actions. Now we’re also dealing with supply chain disruptions, war in Ukraine and inflation that’s higher than we’ve seen in decades. And never before had we experienced the roller coaster of re-openings and closures that has taken place since March 2020. Never before had the entire world effectively battened down the hatches so quickly and all at once. It goes without saying that the pandemic has also had unprecedented effects on the domestic and global economies. Unfortunately, some of us even lost loved ones to this deadly virus. COVID-19 has certainly disrupted many aspects of our lives-our physical and mental well-being, and our ability to study and work. I’m very happy to be here in person after more than two years of virtual and hybrid events. I hope that some of the concepts I will address today-especially spillovers and the value of coordination-will resonate with him, and with students who have had the pleasure of taking his classes. Francisco and I have known each other for almost 20 years and have discussed many economic issues during that time. I would especially like to thank Professor Francisco Gonzales for thinking of me for today’s talk. I’m honoured to be the ninth lecturer to take this stage. Good afternoon, and thank you for inviting me to present this year’s Distinguished Lecture in Economics.
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