Not surprisingly, economists from the Banks and the Board largely agree, but occasionally discernable differences exist, particularly with respect to economic forecasts. The presidents' reports often include anecdotal updates from businesses or other sources to provide real-time information on regional economic activity. 2  BIS Review 26/2004  Following the presidents' presentations, the Fed governors provide their individual analyses.
This statement has nothing to do with the fact, which he also underlined, that the theories about free trade only apply in situations of full employment. It relates instead to the possibility that the less developed country will make a sudden jump in productivity (by imitation or other means) in sectors where the developed country previously had a comparative advantage.