But, at this point, it is difficult to tell by how much, whether some of the gains are already in, or whether most are still to come. So far, our statistics yield little direct evidence of a substantial pickup in productivity growth, although recent historical revisions to the National Accounts show somewhat larger gains than before.
In communicating with the public about the outlook for the economy amid a situation of structural changes and various risk factors, it is more important to see whether the intended mechanism functions smoothly than to focus on specific numerical values. The second challenge is the balance between transparency and flexibility of the policy approach.