That, in turn, could increase inflation expectations and encourage workers to push for higher wage growth. The macro models also impose internal consistency, so we can have greater confidence that forecasts for individual variables are consistent with each other. It is also useful to check that adding up constraints aren't being violated!
Labour productivity, defined as output per employee, grew at the same average annual rate of 1.7 percent in the euro area and in the U.S. for two decades, from 1981 to 2000. From 2001 to 2008, the average annual growth rate of labour productivity in the U.S. was lower, at 1.5 percent, and since 2008 it has been only 1.1 percent.