Since that report, the Board of Governors, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, has proposed a rule expanding the number of commercial real estate transactions that will no longer require an appraisal, allowing for a less detailed evaluation.
If productivity growth were on the verge of sustained acceleration, a possibility discussed in Chairman Greenspan's testimony, it would greatly increase the chances of higher sustained growth without accelerating inflation. There are reasons to be optimistic, but only time will tell if the optimists are right. BIS Review 72/1997  -3-  Why is sustained growth so important now?