I want to start by pointing out that we do not agree with a projection that includes an increase in the output gap by the end of 2014. Here in Canada, there are two macroeconomic policies, and in particular monetary policy. So we could adjust, if that were the case.
If that were the probability, there would be a reaction, via monetary policy, to narrow the gap between the policies, that is, there would be monetary easing.
To discuss multipliers and other aspects, I will yield the floor to Mr. Macklem.