5  Over long periods of time total factor productivity is primarily driven by innovation, knowledge and the efficiency with which inputs are put to use owing to the evolution of business practices as well as the influences of public capital stock, government regulations and other factors.
Good data is key to understanding both the origin and transmission of shocks, and to develop policy to build resilience moving forward. It is key for calibrating the levers in our macro-prudential policy toolkit. Such as the mortgage measures, which aim to build resilience of both borrowers and lenders. Or capital buffers that target lender resilience.