“Monetary Policy in a Low R-Star World,” FRBSF Economic Letter 2016-23. San Francisco: Federal Reserve Bank of San Francisco, August, www.frbsf.org/economic-research/publications/economicletter/2016/august/monetary-policy-and-low-r-star-natural-rate-of-interest. Yellen, Janet L. (2015a). “Normalizing Monetary Policy: Prospects and Perspectives,” speech delivered at “The New Normal Monetary Policy,” a research conference sponsored by the Federal Reserve Bank of San Francisco, San Francisco, March 27, https://www.federalreserve.gov/newsevents/speech/yellen20150327a.htm. -------- (2015b).
Labor productivity in services also declined, at 1.1 percent, explained, to some extent, by absorption of low-skilled labor from rural areas and widespread levels of informality in some branches of economic activity. Finally, during the last two years, Mexico has undertaken a program of structural reforms of various areas of the economy.