In my judgment, we took the benefits of both the earlier favorable relative price shocks and the productivity shock, partly in a decline in the unemployment rate below the NAIRU and partly in a decline in inflation. This is not a statement about what policymakers planned, but rather about what evolved as we responded to unexpected developments in inflation and growth.
This was the case during the recessionary episodes of the early 1990s and following the global financial crisis (Graph 8). 8  BIS central bankers’ speeches  Graph 8  Non-mining business investment I’ve spoken at length recently about the factors that might have led to subdued non-mining business investment over recent years.