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"Based on historical experience, it seems improbable that
all of the large rise in multifactor productivity could be attributed to
cyclical or transitory factors. Conversely, it seems very unlikely that allof
the increase in the growth of productivity could be attributed to structural
influences. The truth, presumably, lies between these two extremes, but where
has yet to be determined. At minimum, however, it seems reasonable to conclude
that the step-up in the pace of structural productivity growth that occurred in
the latter part of the 1990s has not, as yet, faltered. "
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[from the interesting, as usual, speech of Oct23 of the
Chairman of FED Mr Allan Greenspan
<A
href="">http://www.federalreserve.gov/boarddocs/speeches/2002/20021023/default.htm ]
Dimitris tsokakis
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