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.
Messrs Oliner, Sichel and Stiroh, for instance, reckon trendproductivity 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。
3
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.