16  As a point of comparison, the peak rates during the last interest rate cycle were 4.25 per cent for the ECB (July 2008 - October 2008), 5.75 per cent for the Bank of England (July 2007 – December 2007) and 5.25 per cent for the Federal Reserve (June 2006 – September 2007). 17  See Bean et al. (2010) and Kohn (2010).
We can divide this period into several subperiods, yet the results are essentially the same: continued gains in labor productivity but well below the pre-1973 pace. BIS Review 61/2002  1  From 1995 to 2001, labor productivity grew at an annual pace of 2-1/4 percent.