1

2 “... large, with by far the largest contribution to these revisions coming from the labour-efficiency gap...”

3 “... productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions...”

4 “...The paper describes revisions to the trend labour efficiency component of the production function...”

5 “...-friendly product market and labour market reforms in OECD economies. Flexibility-enhancing labour market...”

6 “... between 2021 and 2060, and much more in some countries. Policy scenarios show that reforms to labour...”

7 “... significant in explaining labour-force participation at older ages. There is also some consistency...”

8 “... is that the effect of labour market slack on inflation can often be dominated by other shocks, including imported...”

9 “... expectancy, is a major driver, with additional effects from the fiscal balance, labour productivity growth...”

10 “...Current weak labour productivity growth in many OECD countries reflects historically weak...”

11 “... with structural labour market rigidities...”

12 “...&D) or which can weaken the bargaining power of labour (for example a loosening of EPL), have weaker...”

13 “..., share prices and credit; and at all horizons, a tight labour market and rapid growth in OECD-wide...”

14 “... research to analyse the causes of recent weak productivity growth. Current weak labour productivity growth...”

15 “... potential employment is limited because the adverse effect on labour force participation is generally much...”

16 “... because the adverse effect on labour force participation is generally much less than might have been...”