demand side secular stagnation, " american economic review, vol. 105 ( may ), pp. 60 – 65. — — — — ( 2016 ). “ the age of secular stagnation : what it is and what to do about it, " foreign affairs, vol. 95 ( march - april ), pp. 2 - 9. wicksell, knut ( 1936 ). interest and prices ( geldzins und guterpreise ) : a study of the causes regulating the value of money, trans. r. f. kahn. london : macmillan. 1 wicksell ’ s interest and prices, published in german in 1898 as geldzins und guterpreise by gustav fischer ( jena ), was first published in english in 1936 — see wicksell ( 1936 ). 2 see laubach and williams ( 2003 ). see also gagnon, johannsen, and lopez - salido ( 2016 ) and johannsen and mertens ( 2016 ). it is important to point out that r * is not an observable variable and that estimates generally reflect assumptions about how the economy works and should be modeled. as such, different methodologies or underlying economic models can come up with a wide range of estimates of r *. lewis and vazquez - grande ( 2017 ) examine parameter uncertainty and alternative specifications in the estimation of the natural rate of interest. under some specifications, they find an estimated r * at the end of 2016 of close to 2 percent, far higher than the about 0. 5 percent reported by the methodology of holston, laubach, and williams ( forthcoming ). 3 see holston, laubach, and williams ( forthcoming ). 4 in chapter 23, p. 353, keynes includes an interesting discussion of the “ strange, unduly neglected prophet silvio gesell ( 1862 – 1930 ), whose work contains flashes of deep insight and who only just failed to reach down to the essence of the matter. ” he adds that gesell was a successful german merchant in buenos aires. see keynes ( 1936 ). 5 see summers ( 2014, 2015, 2016 ). 6 see fischer ( 2016a ) for a fuller discussion of the risks associated with a low equilibrium interest rate. 7 see irwin ( 2017 ) for an examination of an alternative pattern of causality, where slow growth — and, in particular, weak wage growth — has led to low productivity growth rather than vice versa. i should also remind the

in remote areas need to have access to quality services essential to improving their welfare, such as education and banking services. it is therefore crucial that basic infrastructures are put in place starting, for instance, with national - wide internet broadband access points and the promptpay electronic fund transfer system. moreover, these infrastructures must be interoperable and open to all, which would definitely require collaboration of the whole industry, not just an effort of any one firm. our promptpay infrastructure was the result of close collaboration between the bank of thailand and the thai bankers ’ association. it has spurred healthy competition amongst banks, catalyzing enhancement in the e - payment landscape such that it provides increased opportunities for many small merchants and consumers. another important factor for inclusivity is digital literacy. it is imperative to equip people with necessary skills to survive and thrive in this digital era. this is an enduring task and one that requires active participation at every level. this effort can begin with individual staff in one ’ s own organization — working from tech - savvy juniors to technologically - challenged peers. ladies and gentlemen, i believe the three key imperatives of productivity, immunity, and inclusivity will help thailand navigate through this digital disruption and continue on the path for sustainable economic growth. before i end my remark this morning, i would like to emphasize once again that while this new digital ecosystem is still evolving and the future remains uncertain, we cannot afford to hold back. we must strategically adapt and adopt technologies now to remain relevant and competitive and provide support for sustainable improvement in the standard of living of the thai people. in closing, i would like to congratulate the iod once again for fittingly organizing this call for action conference. actions taken at the firm level can determine the direction of our country and whether we can efficiently catch up with rapid technological changes. these changes will also inevitably affect the whole ecosystem of thailand. therefore, i urge you all to think on a bigger picture on how your firms can help make thailand ’ s digital transformation successful and fruitful. so, think big, stay informed, and act wisely. only then we can be certain that together we could truly rise above disruptions. thank you for your attention. * * * * * * * * *