Thank you very much, Mr. Chair.
I would like to talk about the models used by the Bank of Canada. There have been many references to animal spirits in difficult and uncertain times.
Back in Montreal I think you actually referred to these animal spirits in that sense, when you talked about.... I will find it eventually, but you referred to the difficulty and the models the bank is using are basically raising more questions than answers, because those times are difficult to predict and forecast. This is basically the same analogy.
You also mentioned, as a metaphor, that the dog is sometimes going in many directions while you're trying to lead it. On the other hand, after a while, you know your dog and you start to see a pattern and you can actually see in which direction it goes.
In terms of modelling, after what we've seen in the last three, four, five years, and the experience we had in previous recessions or previous chaotic times, isn't it possible eventually to adapt our models to that reality, to those animal spirits eventually? I do not say perfectly, because there is still a large part that is unknown, but eventually we'll need to include them to have a better idea of what to expect during such difficult times.