There is some confusion in many discussions of productivity growth about the implications of measurement bias. It is widely accepted that there is a downward bias in measured BIS Review 85/1997  -6productivity growth, the mirror image of the upward bias in measured inflation. But it is also widely accepted that a similar bias has been present over the entire postwar period.
The consultation was concluded a few days ago. We received numerous comments from an ample cross-section of participants. We will analyse them carefully and consider the suggestions for improving the text to be submitted to the Credit Committee. 2.