5 However the slow growth in capital per worker has been quantitatively less important – accounting for only one-fourth of the slowdown in productivity compared with its long-run average – than the decline in the growth rate of total factor productivity (TFP), the portion of productivity that is not accounted for by measurable inputs to production.
(2019), ‘Natural rates across the Atlantic’, Journal of Macroeconomics, 62.  the Eurosystem’s monetary policy Strategy Review. I will not comment further on the Strategy Review, since it is still ongoing. Another important theme in the “post-pandemic” environment will be the interaction between fiscal and monetary policy.