computer hardware and software. the other half of the pickup in productivity growth reflected technological innovations in the actual production of computer hardware and semiconductors as well as better management - - perhaps assisted by these high - tech investments - - of the nation's capital and labor. oliner and sichel estimate that, if one consolidates all the influences of high - tech investments, they fully account for the acceleration in productivity over the 1995 - 2001 period. the oliner - sichel estimates are broadly consistent with the results of most other researchers in this field. i should also note that their conclusions have not changed in any fundamental way since they were first published in 2000. i mention this fact to address the concerns of some observers that recent revisions to the national income and product accounts have changed the evidence on post - 1995 productivity growth. the last two annual revisions have indeed lowered output growth, but these adjustments followed several years of upward revisions. to focus on the most recent revisions is natural, but we should not lose sight of the complete record of historical revisions. research by board economists - - karen dynan and doug elmendorf - - clearly shows that we initially overestimate growth during recessions and periods of economic weakness. but we also initially underestimate growth in recovery periods. thus, based on the revisions to growth over the past three years, i do not believe that one should presume that future data revisions will whittle away the post - 1995 acceleration in productivity. microeconomic studies provide corroborating information to the macroeconomic evidence of a post1995 acceleration in productivity growth. industry studies indicate a pattern of greater efficiency gains after 1995, and one clearly gets that impression from talking to business leaders. these executives consistently say that, when they have little leverage to raise their prices, the key to boosting profits is productivity growth. many corporate ceos cite the more efficient use of information technology as one vehicle for cost saving, and i doubt that anyone would question the assertion that all of us are working " smarter and faster " than we were in 1995. researchers can and will debate the exact magnitude of that increment to our efficiency, but it was doubtless a key economic development of the past decade and one that will continue to pay dividends in future years. having said that i think the post - 1995 productivity acceleration was real, let me also assert that we should constantly challenge our assumptions. with the passage of time and the acquisition of more information, we are better

outreach. perhaps most important, stakeholders overwhelmingly support the cra and its goals, noting a significant increase in loans and investments in low - and moderate - income communities since the law ’ s enactment. many commenters emphasize the importance of the cra in supporting a vital community development ecosystem by bringing together banks, community organizations, state and local governments, educators, foundations, and other stakeholders to address community and economic development needs. many cautioned the banking agencies to proceed carefully so as not to disturb this important ecosystem. i share this commitment to the cra and to strengthening its role in community and economic development in the low - and moderate - income communities where it can make the greatest difference. defining a bank ’ s community : where activities count banks and community organizations agree that the regulations should better reflect the way in which banking products and services are currently delivered. much has changed since the last major revision to the cra regulations, which occurred at a time when physical branches were essential for all the deposit and lending needs of bank customers. the current definition of a bank ’ s assessment area — the area in which a bank ’ s performance is assessed — relies on the area around its main branches and deposit - taking automated teller machines ( atms ), which includes a substantial portion of its lending. the internet was just becoming available for commercial use when the current assessment area regulations were finalized. since that time, technology and changing consumer preferences have led to banks gathering deposits and making loans well outside of their physical branches — for example, online and via mobile devices. so it is fair to ask whether the cra ’ s current assessment area definition adequately reflects the community a bank serves today. clearly, it is time to better define the area in which the agencies evaluate a bank ’ s cra activities, but it is important to retain a focus on the credit needs of local communities. as tempting as it may be to think that digital channels have rendered bank branches unnecessary, my discussions with banks and community stakeholders around the country have underscored the importance of branches as a venue for banks to engage with their communities. branches are the places that 2 / 7 bis central bankers'speeches provide the personal face - to - face assistance valued by many consumers and business customers. moreover, branches provide a local presence for lenders to get to know the borrowers and the communities in which they live, lend, and invest. while technology has much to offer by way of convenience and customer experience, it is often a complement to rather