coen teulings and richard baldwin, eds., secular stagnation : facts, causes, and cures. london : cepr press, pp. 83 – 89. pinto, eugenio p., and stacey tevlin ( 2014 ). “ perspectives on the recent weakness in investment, " feds notes, no. 2014 – 05 - 21. solow, robert m. ( 1957 ). “ technical change and the aggregate production function, " review of economics and statistics, vol. 39 ( august ), pp. 312 – 20. united states. bureau of the census ( 1975 ). historical statistics of the united states, colonial times to 1970. washington : us department of commerce, bureau of the census, september,. 1 one needs also to recognize that changes in either the average workweek or the employment to population ratio may damp or augment the effect of labor productivity on gdp per capita. 2 byrne, fernald, and reinsdorf ( 2016 ) discuss known measurement challenges and conclude they cannot explain the deceleration of productivity. 3 gordon ( 2014, p. 25 ) enumerates the inventions of the information age — the personal computer, the internet, mobile phones, and so on — and notes that for innovation to continue at such a pace, “ the achievements of the past 40 years set a hurdle that is dauntingly high. " 4 mokyr ( 2014, p. 83 ) considers advances in research methods and tools and concludes that “ the indirect effects of science on productivity through the tools it provides scientific research may dwarf the direct effects in the long run. " 5 david ( 1990 ) cautions that the effect of general - purpose technologies, such as electricity and electronic computing, can take decades to fully unfold. brynjolfsson and hitt ( 2000 ) consider the process followed by firms in leveraging innovations in it equipment and emphasize the role of complementary investment in intangible assets like business reorganization. 6 mohnen and hall ( 2013 ) survey the empirical literature pointing to a link between r & d and productivity. 7 decker and others ( 2016 ) highlight the decline in entrepreneurship and worker mobility ; andrews, criscuolo, and gal ( 2015 ) emphasizes that productivity for firms at the global frontier continues to advance rapidly even as global aggregate productivity growth has slowed. 8 pinto and tevlin ( 2014 ) note that in the context of a long - run growth model, a slow pace of investment is not surprising

bank of uganda remarks by prof. emmanuel tumusiime - mutebile, governor, bank of uganda the annual primary dealer of the year award ceremony 03 april 2017 the chief executives and senior staff of banks present distinguished guests ladies and gentlemen good afternoon. it is my pleasure to welcome you to the 12th annual primary dealer award ceremony. the primary dealer system aims to promote participation in government securities markets, to foster the development of financial markets, to improve the secondary market trading system as well as to ensure efficiency in the operations related to the government securities market at the central bank. page 2 of 7 primary dealers have contributed to the growth of the government securities market by ensuring high demand during primary market auctions. in 2016, the ratio of primary dealer successful bids in the auctions relative to the rest of the market was 61 percent of all auction bids. the auction bid to cover ratio, which is the total size of bids relative to the amount tendered, for treasury bills and bonds in 2016 averaged 1. 21, indicating that demand for government securities is strong and sufficient to accommodate the needs of government for domestic finance. primary dealers have also enhanced liquidity in the secondary market. total turnover in the secondary market increased by 12. 5 percent to ugx 3. 6 trillion in 2016 from ugx 3. 2 trillion in 2015. page 3 of 7 however, there remain challenges in the distribution mechanism of government securities, and we would like to see more vibrancy in the secondary market. therefore, the bank of uganda ( bou ) has introduced some changes in the way the primary dealership system will operate. going forward, all commercial banks will have similar access to the central securities depository ( csd ). all the banks will be able to open csd accounts at the bou for their clients, issue and accept bid submission forms on their client ’ s behalf, and facilitate their clients ’ secondary market transactions. investors will also access their csd account statements through their respective commercial banks. page 4 of 7 our expectation is that we will have more participants in the primary market and a more liquid, efficient, competitive, and attractive secondary market for government securities. the bou will maintain a consultative approach with the market participants and other stakeholders so as to bring on board constructive initiatives that will further develop the financial markets in uganda. i applaud the contribution of the primary dealer banks towards the development of the government securities market, and by extension, the financial markets in uganda. before