Moreover, for capital with active secondary markets, such as computers and networking equipment, productivity may also have been boosted by a reallocation to firms that could use the equipment more efficiently. For example, healthy firms reportedly have been buying equipment from failed dot-coms. Businesses also may have managed to eke out increases in output per hour by employing their existing workforce more intensively.
However, I do not know how effective existing monetary policy tools would be in addressing the challenges associated with income polarization or asymmetric sectoral shocks.