Is That Really a Plausible Explanation?

One of the puzzles has been, why can we be at full employment? Really strong, full employment have declining real wages. Well, one explanation is declining productivity. And that seemed like a plausible story for the US. I would say though, since you mentioned the rest of the world, my sort of answer on what's been really undercover, it has been the woes of emerging markets and frontier markets just were hit by a massive shock in 2020.