4  See Mokyr, “The Next Age of Invention.”  2  BIS central bankers’ speeches  growth? Or have increased taxes on the returns to saving and investment to support transfer programs potentially reduced productivity growth? Regulatory and tax burdens can often act to reduce entrepreneurial activity and innovation and thus retard productivity growth.
2/5  BIS central bankers' speeches  But lending is growing at a below-average pace by historical standards. And overall, credit standards have not changed remarkably – household debt, for instance, has remained almost static. Overall, we currently see no need to activate any macroprudential instruments in order to contain risks to financial stability emanating from the residential real estate market.