As for the level of the natural rate, it is higher than it has been in some of the past forecasts, although as I noted it drifts down over time as the wealth-to-income ratio drifts down. I think the height is a result of the fact that the wealth-to-income ratio is a lot higher than we thought it was--or thought it was going to be a year or two ago--given what has happened to the stock market. Demand has been much stronger. In effect the experience, in terms of the level of the wealth-to-income ratio and the strength of demand at previous interest rates, has led us to think that the natural or equilibrium rate is a lot higher than we used to believe and a lot higher perhaps than it has been in history. If the strength of demand for producers’ durable equipment and so forth persists, the saving rate, even if it is creeping up, is going to be lower than it has been historically, and then the natural real rate will be high relative to history.