*  *  Introduction  First of all, I am grateful to the organizers for inviting me to the 60 th Anniversary Commemorative Conference of CEMLA, a symbol of financial cooperation between central banks in Latin America.
Research by my colleagues at the Federal Reserve--Steve Oliner and Dan Sichel--sheds some light on the sources of this faster productivity growth. Using a growth accounting methodology, they find that about half the acceleration in productivity can be attributed to capital deepening. As you know, providing workers with more equipment improves their efficiency.