For the many reasons I have noted today, I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed.
When Finland was catching up other industrial states after the war, productivity growth attained rates as high as 5% per annum. The standard of living doubled in 14 years. By the 1970s, Finland had made use of the vast possibilities of electricity to stimulate productivity. A common feature of ICT and electricity is that they are multipurpose technologies.