It bears emphasizing that, because productivity growth seems likely to remain strong, the productive capacity of our economy should expand over the next few years at a rate sufficient to support solid growth in real output. As I have noted, the anticipated moderation in economic growth now seems to be under way, although the recent erratic growth pattern complicates this assessment.
Live link to this graph on Google Books Ngram Viewer (last accessed 2 May 2023): https://books.google.com/ngrams/graph?content=resilience%2C+robustness&year_start=1945&year_end=2019&case_in sensitive=on&corpus=en-2019&smoothing=0 2  The statement can be read in full on the US Federal Reserve’s website (last accessed 19 April 2023): https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm 3  The statement can be read in full on the European Central Bank’s website (last accessed 19 April 2023): https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230319~744758829c.en.html 4  4  As suggested above, high resilience implies a full return to the pre-shock equilibrium.