Gal, “The Best versus the Rest: The Global Productivity  Slowdown, Divergence across Firms and the Role of Public Policy,” OECD Productivity Working Papers 5, OECD Publishing, 2016. 16 See, for example, D. Garcia-Macia, C. Hsieh and P. Klenow, “How Destructive Is Innovation?” National Bureau of Economic Research Working Paper No.
Monetary policy is also a blunt tool, and interest rate increases in 2003 or 2004  10  BIS Review 1/2010  sufficient to constrain the bubble could have seriously weakened the economy at just the time when the recovery from the previous recession was becoming established.