However, entry and exit from such policies have strong externalities and spillovers as we have been experiencing for some time now. Against this backdrop, I will begin by discussing the broad contours of unconventional monetary policy and possible channels of cross-border spillovers.
As a percentage of GDP, such investment has risen from 6% to 9% in 1999 - which leaves us where the United States was three or four years ago. There is no doubt that gains in productivity require more than just investments in technology.