12 While there is disagreement about what the most effective policies would be, some combination of improved public infrastructure, better education, more encouragement for private investment, and more-effective regulation all likely have a role to play in promoting faster growth of productivity and living standards – and also in reducing the probability that the economy and particularly the central bank will in the future have to contend more than is necessary with the zero lower bound.
11  See Mohamed El-Erian (2016), The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse (New York: Random House).