of the bank of albania. it is important that the difference between the two velocities reduces, in order that our dialogue with the market will be standardized and transparent. to enable an as much as possible contemporary communication, among others, an important part plays the cooperation between bank of albania, the financial market, ministry of finance, instat and the other institutions. in addition, it must cooperate more with other groups of interest, such as chamber of commerce, konfindustria, medias and the general public. at this point, i want to emphasize that the role the media plays is really special. a professional media would be able to construct reliable and comprehensible communication models, easily understandable by the public. the products we are getting ready to launch soon, that means the confidence indices, have to justify their designation. stated differently, the public must believe the product of the bank of albania is reliable, that product is the object and the real indicator of the public ’ s expectations. in the meantime, we expect to have back the echo of the public ’ s trust. wishing you all a fruitful working - day, thank you!

can affect the neutral rate, see archibald & hunter ( 2001 ), and williams ( 2016 ). 13 for a discussion on the lower neutral rate, see pescatori & turunen ( 2015 ) ; return on investment, see summers ( 2014 ) ; the “ global savings glut ” hypothesis, see bernanke ( 2005 ) ; demographics, see barro & salai - martin ( 2003 ). 14 this definition of potential output follows okun ( 1963 ). potential output here refers to the goods market. a related concept in the labour market is the natural rate of unemployment ( nairu ). like the other trend variables presented here, it is unobservable and subject to uncertainty. 15 for example, kato ( 2009 ) and beckman et al. ( 2009 ) both discuss the effects of the global financial crisis on asia and developing economies, respectively. 16 for details surrounding our estimations of potential output, see lienert & gillmore ( 2015 ). 17 challenges arise on a number of fronts, including that potential output can vary substantially over time and that data revisions to gdp in particular can result in substantial revisions to our estimates of potential output in “ realtime ” versus ex - post. 18 for details on our estimation of the output gap, see armstrong ( 2015 ). 10 / 11 bis central bankers'speeches 19 for a discussion of labour market flows and dynamics, see armstrong & karagedikli ( 2017 ) or armstrong, kamber, & karagedikli ( 2016 ). 20 for discussion on new zealand ’ s productivity performance, see steenkamp ( 2016 ) or conway ( 2016 ). steenkamp produces aggregate tfp estimates for new zealand, while conway outlines why new zealand has struggled to lift productivity in recent decades. 21 for example, oecd ( 2016 ) shows that government r & d budgets are receding in many countries. 22 there is debate as to whether the slowdown in innovation is permanent, or whether it is temporary as breakthroughs in artificial intelligence and robotics loom. see gordon ( 2016 ), or brynjolfsson, e., & mcafee, a. ( 2014 ). 23 particular internet - based services ( e. g. google searches or wikipedia ) are largely not reflected in gdp measurements, as there is often no price attached to their use. see box 1 in adler, et al. ( 2017 ) for further information. 24 the real exchange rate is the nominal