An optimal currency area would require convergence on monetary, fiscal, exchange rate, and political policies, which in turn would lead to productivity and growth rate convergence, explained Roubini.
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The only possible economic justification for Mr Greenspan's views is that the new economy has produced a productivity miracle: a permanent increase in the underlying rate of productivity growth that is capable of being sustained through a downturn.
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.
Will the effect be mostly positive, boosting our productivity and the rate of human innovation?
And today's report on productivity and expenses showed that unit labor costs grew 4.2% from the first quarter, above the consensus of 3.8%--nearly four times the growth rate of productivity.
If this last explanation is the right one, we may eventually get back to the same rate of productivity growth we had before, even if we never get back to the same path we were on before the fall.
And today's government report on productivity and costs showed that unit labor costs grew 4.2% from the first quarter, above the consensus of 3.8% and much faster than the growth rate of productivity, which increased 1.1%, way below the 4.3% pace of last quarter.
This implies that it is natural for China's exchange rate to be below its PPP, but as it gets richer and productivity rises, its real exchange rate should rise.
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Overall, U.S. industry has become among the most productive in the world--output has doubled over the past 25 years, and productivity has grown at a rate twice that of the rest of the economy.
Using annual productivity data for the whole economy (which are available over a longer period), the broad relationship between the exchange rate and relative productivity growth in America and Europe seems to have persisted for most of the past 30 years.
Cloud-based productivity suites have the lowest adoption rate among the three applications reviewed in this study.
We will be strengthening our economy by lowering our unemployment rate and increasing our productivity by getting these hundreds of thousands of men and women into the workforce.
Lowering the top marginal rate would encourage additional productivity.
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The amount of private work being taken on had not increased, it found, the rate of decline in productivity had slowed, the ratio of full-time consultants to total staff in the NHS had risen and pay rises not linked to performance had slowed.
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.
None of this is to deny that America's productivity growth has accelerated from its dismal rate in the two decades before 1995.
Productivity has grown at twice the average rate for all American manufacturing.
If you are persuaded that productivity thrives with a lower marginal tax rate, you will agree this approach can help grow the economy and reduce unemployment.
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The company said the results were driven by strong top-line growth and improved productivity, partially offset by a higher tax rate.
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The second, more depressing possibility is that growth stays at a permanently lower rate, with investment, employment and productivity growth all feebler than before.
No one at the conference talked about the 25% Spanish unemployment rate, the Greek legal system or Italian productivity.
The panel also said the universities must control costs to the inflation rate or lower "through improved efficiency and productivity, " including the greater adoption of online education.
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In recent years the U.S. has improved relative to Japan in terms of productivity and the terms of trade, and the interest-rate differential has widened in America's favor.
For the first time in six years, workers' productivity actually fell in the first quarter, at an annual rate of 0.1%, after an average growth rate of 4.3% in 2000.
On Tuesday morning it was reported that business productivity in the U.S. dropped at an annualized rate of 0.9% in the 2nd quarter, the first decline since the fourth quarter of 2008, when that recession was just getting underway.
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That is because it is growing productivity and scale, and now globalization, at a far faster rate than the rest of the economy.
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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.
It provides Americans from every corner of our country access to the first rate products and services that define our economy, increasing the productivity of our people and our land.
American productivity growth for the second quarter of 2001 was revised downwards to an annual rate of 2.1%, from 2.5% reported earlier.
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