Higher productivity could also help lengthen the credibility range, the range in which moderate changes in the debt ratio might not lead to adverse changes in relative prices. Among other things, higher productivity could raise the marginal product of capital and make investment in U.S. assets relatively attractive. But even with these favorable developments, the stability conditions discussed above still hold.
It is growing at an impressive rate, with shoots popping up all over the pla net. Only yesterday two new members and an observer joined us. A warm welcome to The Swiss National Bank, Swiss supervisory authority and the European Investment Bank. Today, the NGFS has thirty six members and six observers. Our membership spans five continents. One planet.