Responses to Survey of Market Participants, April (PDF). 8  Since the end of 2007, the average annual gain in productivity has been 1.1 percent. 9  For more on the recent slowing in productivity growth and its possible causes, see Fernald (2014), Decker and others (2014, 2016), and Zarutskie and Yang (forthcoming).
Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do. What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between low inflation, falling inflation expectations and credit, in particular in stressed countries.