On the nominal GDP targeting, I do believe that in Canada—it's less true in the United States—there will be a decline in GDP growth that will be significant over the next 25 years from population aging. I think that is almost inevitable, frankly. Nominal GDP targeting would then have either a steadily increasing inflation rate, which I don't think is a good thing, or it would have steadily adjusted official targets, which I think, from a communications point of view, would be about as close to a nightmare in monetary policy as I can imagine.
Plus, I am not convinced that there are the shorter-run benefits over the business cycle, given that you have flexibility in the current inflation targeting system. I think that's an important thing to recognize about the Canadian system—that there is flexibility built in, and in fact it has been on display very well over the past few years.