Indeed, the data show that, beyond the difficulty of calculating productivity by sector, the negative effect of the decline of mining ore has taking its toll on this industry (figure 12). The evidence from Chile suggests that there are important inefficiencies in resource allocation across firms and that there would be first order gains from measures aimed at improving them, which, unlike the case of human capital, could generate gains sooner. To back this last analysis, the document provides some international comparisons on productivity, microeconomic evidence on how the productivity of firms evolves, and its degree of dispersion. In particular, from a comparative perspective, although Chile's productivity appears to be aligned with its GDP per capita, it is about 60% that of the United States and less than that of the richer OECD countries, which implies that there is great room for improvement (figure 13). In Chile, as in many other economies, there appear to be significant gains from fostering a better allocation of productive resources, helping the more efficient firms to grow and the less efficient to shrink and eventually exit the market. As can be seen in table 3, 9  resource reallocation is an important source of TFP growth. For this, it is essential to have flexible labor markets that allow adjusting the endowment of companies when necessary, developing the financial system to direct resources to where the good ideas are and implement rules that facilitate the creation and dissolution of companies.
(2) The Norges Bank announced in May 2017 that it will increase the frequency of its meetings from six to eight per year beginning in 2018. Source: Central Bank of Chile based on information from the respective central banks. Table 4 Adjustments to monetary policy process Current Official MPM* communication Brief summary of economic scenario  Official MPM communication  (end of each MPM)  (end of each MPM)  Monetary policy decision  New Main economic background developments Monetary policy decision and explanation Voting outcome  Background minutes (1 day before MPM)  MPM charts (1 day after MPM)  Review of evolution of local and world economy MPM minutes based on public information known since previous MPM (11 bank working days later)  Main charts presented by the staff to the Board at MPM  MPM minutes  Voting outcome  (11 bank working days later)  Options presented by Research Division Summary of discussion  MPM transcript  Detail of opinions of each Board member and the MPM transcript Finance Minister (10 years later)  (reserved)  Main charts presented by the staff to the Board at MPM Review of evolution of local and world economy based on public information known since previous MPM Options examined by the Board Arguments for and against monetary policy options considered  Detail of opinions of each Board member and the Finance Minister  *MPM = monetary policy meeting. Source: Central Bank of Chile. 21