sweden and the riksbank bis central bankers ’ speeches 3. resource utilisation and inflation correlation between different measures of resource utilisation and cpif inflation, 0 – 12 quarters ahead 1. 0 1. 0 gdp gap ( pf ) 0. 8 0. 8 hours gap ( pf ) 0. 6 0. 6 ru indicator 0. 4 0. 4 0. 2 0. 2 0. 0 0. 0 - 0. 2 - 0. 2 - 0. 4 - 0. 4 - 0. 6 - 0. 6 note. estimation period is 1997 – 2006. sources : statistics sweden and the riksbank 4. total factor productivity logarithmed levels - 3. 3 - 3. 3 actual tfp - 3. 4 - 3. 4 tfp, forecast potential tfp - 3. 5 - 3. 5 - 3. 6 - 3. 6 - 3. 7 - 3. 7 - 3. 8 - 3. 8 - 3. 9 - 3. 9 source : the riksbank bis central bankers ’ speeches 5. capital stock logarithmed level 29. 2 29. 2 29. 0 29. 0 28. 8 28. 8 28. 6 28. 6 28. 4 28. 4 28. 2 28. 2 28. 0 28. 0 27. 8 27. 8 note. capital services sources : the oecd and the riksbank 6. number of hours worked logarithmed levels 12. 2 12. 2 hours hours, forecast hours, potential 12. 2 12. 2 hours, hp trend 12. 1 12. 1 12. 1 12. 1 12. 0 12. 0 12. 0 12. 0 11. 9 11. 9 sources : statistics sweden and the riksbank bis central bankers ’ speeches 7. actual and potential gdp logarithmed levels 14. 0 14. 0 gdp gdp, forecast 13. 8 13. 8 gdp, potential ( pf ) gdp, hp - trend 13. 6 13. 6 13. 4 13. 4 13. 2 13. 2 13. 0 13. 0 12. 8 12. 8 sources : statistics sweden and the riksbank 8. gdp gap per cent gdp gap ( hp ) gdp gap ( pf ) - 2 - 2 - 4 - 4 - 6 - 6 - 8 - 8 note. gdp gap ( hp ) refers to gdp ’ s deviation from trend calculated with a hpfilter.

views on the global perspective on equality and the possible explanations for increased inequality in many developed economies during recent decades. as i have said, the contribution from monetary policy to equality should in my view in general be minor. • i do not think you can talk about globalisation without also talking about technology. some argue that increased inequality in many countries is due to the latest technological progress having been skills biased, resulting in a rise in the skill premium and the decline of some labour market institutions in advanced economies, emerging markets and developing countries 4. the decline of labour market institutions includes lower trade union membership, which reduces the relative bargaining power of labour, and more flexible labour market institutions that can pose challenges see, for example, the effects of the monetary policy pursued by the federal reserve in connection with the financial crises in bivens ( 2015 ), the effects of monetary policy in the usa since 1980 in coiboin ( 2016 ), the effects in advanced economies since 1990 in panel data - analyses in furceri et al. ( 2016 ) and effects of the monetary policy conducted by the ecb in connection with and after the financial crises, with a focus on germany in bundesbank ( 2016 ). 4 one example is that a decline in trade union membership ( union rate ) reduces the relative bargaining power of labour, exacerbating wage inequality ( frederiksen and poulsen 2010 ). another is that more flexible labour market institutions ( although positive for reallocating resources to more productive firms and enabling firm restructuring ) can pose challenges for workers, especially those with low skills, and hence play an important role in explaining inequality developments ( alvadero et al 2013 ). 3 for workers with low skills. technological progress combined with globalization seems to have played at least some role in increasing inequality within countries. • the discussion of the effects of globalization is interesting. globalization has for long been a natural part of the nordic economies. our dependency on foreign trade is much higher than the global average. there is among the nordic countries an acceptance on the positive long term net effects on productivity, growth and employment. globalization creates opportunities for new jobs. • the reason for the positive view on globalisation in the nordic countries might be a broader social security net and public policy that help people who lose their jobs due to trade as well as technology. training and education improve employability and reasonable replacement ratios in unemployment benefit and other social benefits can mitigate the negative short - term effects of globalization. these are