But it probably will be small relative to what we’ve seen in the past several years.

Indeed, on the productivity story per se, we have tried to emphasize the uncertainty about the adjustment speed. But having said that, we believe we are probably coming to the end of it fairly soon, if we have not already. As for the other factors we talked about perhaps having ...

So the job opportunity aspects are realized gradually.

I’d like to make one clarifying point about the productivity story that relates both to what President Poole said and what you just said. I don’t think it’s necessary in explaining the productivity story to believe that workers are fooled and that they don’t know for ...

I’m not sure we have an explanation for that. One general point I could make is that although the change in monetary policy is part of our story, there’s nothing that says that the change in monetary policy—this speaks to President Parry’s question as well—was ...

That’s correct.

Those coefficients are estimated on data for the last thirty-five years.

Exhibit 4 addresses the role of productivity in holding down inflation in the 1990s. In the long run, a faster rate of productivity growth implies faster growth of real wages and has no implications for inflation. But in the short-to­ medium run, we find evidence that productivity does affect inflation ...