Productivity norm

 It is the equilibrium ban being thrown off path by a sudden decrease in inventory volatility.

Supply and demand are more smoothly managed in a productivity increase, the need for S/L to exercise its commutative power is less, market demand for S/L drops. But during the S/L downturn, money is lost, a half step at a time. The cash accumulates during the productivity arbitrage piles up until the arbitrage is observed and bet. The excess pile of cash is slowly leaked by into the economy.  

But the S/L pit boss should have lost two or three steps in cash, overpaying deposits. That is direct inflation. Ifthe new productivity was fairly priced, the economy ticks and prices go back to neutral. The lost bank cash is currency risk, the very small part of the losses shared fairly with the accounts.

And visa verso. No one is suing the pit boss, it was a provable fair bot.