The fundamental cause of deflation, he said, was the protracted downward trend in Japan's underlying GDP growth, caused both by the decrease in the number of workers and declining productivity growth.

“他说，通货紧缩的根本原因在于日本潜在GDP增长呈现持续下降趋势，致使就业者数量和生产率增长出现下滑。”

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Messrs Oliner, Sichel and Stiroh, for instance, reckon trend productivity growth is around 2.25%.

例如奥利纳、西切尔以及斯提洛先生们估计生产率增长趋势在2.25%左右。

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Here is a trend that is likely to continue-global finance will worry about it, but the productivity and income of global Japan Inc. keeps on churning out hefty surpluses for the time being.

这是一个可能会持续的趋势，全球金融会为之担忧，但目前日本企业的生产力和收益持续制造巨额盈余。

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But Mr Gordon has a point when he says that output plainly grew above trend in the late 1990s (witness falling unemployment and a rising current-account deficit), so productivity must have grown faster than trend as well.

ECONOMIST: Productivity on stilts

Meanwhile, U.S. unit labor costs in manufacturing, where the head-to-head competition for jobs lies, have been on a steady downward trend, because productivity growth has been strong and wage increases moderate.

FORBES: Chuck Schumer and the China Currency Bill

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.

BBC: Inflation: Balancing the risks