When the present international monetary system in its original form was agreed upon in 1944, it was expected that the dollar would be the main reserve currency. Over sixty years on, the dollar is still the main reserve currency. Any shift by central banks from holding dollar reserve assets risks large accounting loses.
In the past, when unemployment remained low for an extended period, economists expected productivity to suffer because firms were forced to hire less skilled workers with less experience–workers whose productivity was likely to be low. However, recent experience suggests–but certainly does not yet prove–that two factors may have combined to change the expected impact of tight labor markets on productivity.