This could mean the potential rate of output growth in the U.S. has taken a bit hit since the financial crisis.
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The whole point of ZIRP and expansionary monetary policy more generally, is to encourage the economy in the direction of its potential rate of growth.
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The Justice Department started investigating potential rate manipulation about three years ago, in conjunction with the U.S. Commodity Futures Trading Commission and the U.K. Financial Services Authority.
On the basis of the past few years, he thinks the trend rate of productivity growth - and thus the economy's potential growth rate - is lower than we thought before the crisis.
While tax rates should not be the sole impetus for investment decisions, keeping an eye on policies and potential tax rate changes can help you make sound decisions, particularly with the potential for increased rates in the future.
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The potential growth rate for the next two years has been cut as well.
That would be well below the consensus estimate of America's potential growth rate of around 4%.
But after that, estimates Mr Yamakawa, Japan's potential growth rate could increase to 2-3% within a decade.
Strategists suggested that many investors already had factored in the potential for rate cuts, particularly from the ECB.
America's potential growth rate then comes to around 3%, rather than the 4% that most American economists had been counting on.
The result of these estimates and assumptions is that the commission believes the potential growth rate of the hardest-hit countries has suffered long-term damage.
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The first is that America's potential growth rate is much higher than conventional wisdom suggests, because productivity is much higher than official statistics measure.
That is equivalent to an increase in Britain's potential growth rate over the same period of 0.3 percentage points a year, an impressive effect.
Assuming that the long-term potential growth rate is around 3%, the economy would have to grow at 4% for two years to eliminate the gap.
The bank forecasts growth of only 7.5% next year, its slowest for almost 20 years and well below its estimated potential growth rate of around 9.5%.
They conclude that America's potential growth rate averaged just 1.8% from 2008 to 2010, far below the 2.5% that Fed policymakers generally cite as the long-term trend.
America's potential growth rate is higher than that of the euro zone and Japan, thanks largely to faster population growth and more flexible labour and product markets.
The Greenspan fan club claims that the chairman's skilful policies have not only reduced economic volatility, but may also, at least temporarily, have increased America's potential growth rate.
The right-hand chart, from the World Bank's latest China Quarterly Update, shows GDP growth relative to its estimated potential growth rate if the economy operated at full capacity.
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Yesterday, I interviewed Bill Martin, the economist who has made the most cogent case for being more optimistic about our potential growth rate - and for government efforts to achieve that faster growth.
And, unlike the US, the eurozone economies do not have demography on their side: in most European countries the labour force is now shrinking, and so, probably, is the long term potential growth rate.
He would certainly not quibble with the idea that his fiscal programme has had an effect on our potential growth rate this year - and will continue to do so in the years to come.
Our potential growth rate will be even slower, unemployment will be higher, and the structural hole in the public finances will be even larger, requiring the government to impose even greater tax rises and spending cuts to bring the national debt onto a downward path.
The second possibility is that not only the level of UK productivity, but its potential growth rate was permanently damaged by the financial crisis - or maybe, the crisis revealed that we had been kidding ourselves for a long time about the rate at which the economy could safely grow.
Though it is more optimistic about the immediate room for growth, the OBR has revised down its growth forecasts for the next few years, and once again deferred the time at which we will get back to our long-term potential growth rate, which they now think will not happen until 2016.
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