4  2  An alternative explanation is that productivity growth has been slow because wage growth has been slow; that is, faced with only tepid rises in labor costs, firms have had less incentive to invest in labor-saving technologies.
As should be especially obvious to you, I intentionally chose the title for my talk today, “Why Central Banks Should Talk,” to echo that of the influential pamphlet “How Do Central Banks Talk?,” published just last year by the affiliated International Center for Monetary and Banking Studies (ICMB).