14  For instance, there is evidence from the United States that the productivity slowdown of the 1970s was concentrated in sectors that were most energy intensive and were therefore the hardest hit by the energy shock. See W. Nordhaus, "Retrospective on the 1970s Productivity Slowdown" (Working Paper No. 10950, National Bureau of Economic Research, 2004).
6  BIS Review 80/2008  Conclusion: the current environment Let me close with a few words about the current stance of monetary policy. In addition to sharply improved terms of trade driven by commodity prices, the Canadian economy is being hit by two major and related shocks: a marked and prolonged slowdown in the U.S. economy and severe dislocations in financial markets.