In addition, some of the earlier productivity growth, reflecting the frenzied pace of investment  BIS Review 96/2001  3  1  in high-tech equipment, now appears to have been unsustainable. Consensus estimates of longerterm productivity growth were revised downward to a range of 2 percent to 2-1/2 percent.
The effects of September 11 In thinking about the effects of the September 11 events, I find focusing on three subperiods to be useful. The first subperiod includes the third and fourth quarters and perhaps the first quarter of next year. The second is the remainder of a typical monetary policy forecast period, in this case through 2003.