developing the thesis that the underlying reason for the disinflation that was occurring at that time, and the reason why central banks were unable to effectively counter it, was because there was a huge surge in the availability of labor. And we wrote a quite long article which was presented at a Bank for International Settlements meeting in, I think it was 2018, it might have been 2017. I can't remember the exact date. It's actually 2017 if you're referring to a demographics will reverse That's right. three multi-decade global trends. And it was really an extension of that paper into a much longer and more detailed format that led to the book. In particular, the great argument against our view that a shortage of labor and an increase in the proportion in the population of the aged of the retired aged would be inflationary was to argue that, well, surely Japan has had a reduction in its labor force earlier, an increase in the aged working in Japan. And it doesn't that provide an (5/43)
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