Finally, we  BIS Review 91/2000  10  need to determine the value of the coefficient that measures the effect of the q - q* term on the shortrun NAIRU. There is a broad consensus that trend productivity growth was about 3 percent in the 1960s through the early 1970s and then about 1-1/2 percent until the mid-1990s.
The end of net asset purchases does not mean that monetary policy accommodation has ended, however. Substantial accommodation will continue to be provided by our forward guidance on key policy rates and our policy of reinvesting the sizeable stock of assets acquired. Moreover, further efforts are required to reinforce structural resilience, boost productivity growth and sustain economic convergence within the euro area.