Here, then, is the potential quandary: The very accommodative monetary policy that contributed to the restoration of financial stability could, if maintained long enough in the face  3  One of the most notable such expositions was provided in 2005 at the Jackson Hole symposium by Raghuram Rajan, a distinguished academic economist who has since become Governor of the Reserve Bank of India (see Raghuram G. Rajan (2005), “Has Financial Development Made the World Riskier?
In the 1980s, total factor productivity grew on average by 1.6%, before declining to 1.1% in the 1990s and 0.7% between 1999 and 2007. 7 Those countries that have managed to exploit the efficiency gains generated, in particular, by new technology have enjoyed stronger labour productivity growth.