I'm not familiar with the book, so I can't comment directly on it. But in terms of household debt, we've seen a very significant increase in the amount of leverage amongst Canadian households. Part of the explanation for that is that interest rates have come down to remarkably low levels, and that has provided a very significant incentive to borrow.
I have been very concerned about the degree of leverage on household balance sheets. My primary concern is what will actually happen to household finances when we get a normalization of interest rates. I think the degree of leverage is concerning.
One question that you can ask, though, is to what extent the rise in household debt is related to the very weak wage growth we've had. Is it the case that some Canadians, in an effort to have a rising standard of living, have actually had to debt finance that increase in standard of living? If wages can't provide for it, perhaps that has been an incentive to borrow.
I think there's more than one factor driving the debt cycle in Canada. Part of it is the low interest rates that are encouraging borrowing, and part of it could actually be related to the very weak wage growth. I think maybe that gets to your question.