18  BIS Review 94/2007  Figure 4: labour productivity growth and regulatory restrictions  Source: "The Conference Board and Groningen Growth and Development Centre, Total Economy Database, January 2007, and OECD. Note: the equation displays the coefficients of a regression of the change in labour productivity growth on the inward-oriented policy index with standard errors in parentheses.
With more than one out of every five mortgages nationwide estimated to be underwater in 2011, the resulting restraint on consumer spending and its effect on slower economic growth is appreciable. 1  For examples, see Valerie Cerra and Sweta Chaman Saxena (2008), “Global Dynamics: The Myth of Economic Recovery,” American Economic Review, vol. 98 (March), pp.