Although these data are far from perfect they suggest that, while within-firm pay differentials have accounted for some of the increased dispersion in pay across households, across-firm variations have made a larger contribution. Tackling the Productivity Puzzle  There has been no shortage of public policy ideas over recent years for boosting productivity growth. Reports by the IMF and OECD have suggested measures ranging from increased infrastructure spending to improved education and training programmes. 58  Earlier this year, the UK Government issued a Green  Paper setting out various pillars to support productivity. 59  And, most recently, here at the LSE the Growth  Commission produced their second report on measures to boost UK productivity. 60  In generic terms, these policy measures fall into three categories. First, there are measures which support all companies, irrespective of sector, region or characteristic. For example, last year’s Autumn Statement provided additional financial support for UK infrastructure spending, while in the Budget a couple of weeks ago the UK government announced plans for increased support for technical skills. Second, there are measures which support technological innovation – the creation and growth of frontier firms. One potentially important micro-economic measure supporting innovation is greater recognition of the importance of companies’ intangible assets, such as intellectual property (IP). These constitute an increasing fraction of companies’ total assets, but are not measured or valued in as consistent and coherent a way as tangible assets such as plants and machinery. This can have real costs for the companies concerned.

Pongpen Ruengvirayudh: The current economic situation and recent monetary policy developments Opening remarks by Ms Pongpen Ruengvirayudh, Deputy Governor for Monetary Stability of the Bank of Thailand, at the Joint Foreign Chamber of Commerce in Thailand (JFCCT), Bangkok, 21 May 2014. *  *  *  Distinguished Guests, Ladies and Gentlemen, 1. It is my pleasure to be back here at the Joint Foreign Chambers of Commerce (JFCCT). First of all, I would like to thank JFCCT for inviting me and would also like to thank all the members of JFCCT for your continuing contribution to the economic development here in Thailand. Economic outlook 2. A great deal has changed both domestically and externally since I was here last year. With respect to domestic economy, the prolonged political stalemate has weighed considerably on confidence, exacerbating the already fragile economy. Externally, the announcement of the US Fed to scale down its Quantitative Easing program since May 2013 has led to turmoil in financial markets across emerging economies. Today, I therefore would like to take this opportunity to share briefly with you my thoughts on the country’s economic outlook, the medium-term challenges we face and monetary policy of the Bank of Thailand. 3. When it comes to current economic assessment, the slowdown of the Thai economy over the last year, in combination with uncertainty over the ongoing political conflict, is a growing concern for many. The NESDB two days ago announced that GDP growth in 1Q14 contracted by 0.6% (YOY), compared to same period last year.