Thank you very much.
I just want to come back to this question of where inflationary demand lives because it matters a lot for the debates we have in this place. Any light that you can shed on that I think is helpful in respect of the debates we have about fiscal policy.
For instance, there is currently a dental benefit for households with a household income of $90,000 or less. Some in this place say that's inflationary government spending and that when families with a household income of $90,000 or less receive that money, it's going to contribute to overheated demand in the economy. There is a Canada housing benefit targeted at low-income renters: a one-time payment of $500. There are some in this place who say that's more inflationary spending by government.
It matters where that inflationary demand lives, because if it doesn't live in households with a household income of $90,000 or less, then it's hard to believe that the claim—should anyone care to make it—that that's inflationary spending is true.
While I respect that your domain is not fiscal policy, you do spend a lot of time analyzing the economy. I think it would be helpful to understand better where the inflationary demand is coming from. Is there a household income threshold or range within which you think certain households are more likely to contribute to inflationary demand than others?