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Author: Karel Havik
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 36
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Book Description
Author: Karel Havik
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 36
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Book Description
Author: Kieran MacMorrow
Publisher:
ISBN:
Category : Industrial productivity
Languages : en
Pages : 32
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Book Description
"This paper uses the EU KLEMS industry growth accounting database to explore the determinants of the EU-US total factor productivity (TFP) growth gap which started to emerge in the mid-1990's."--Publication information p.
Author: Karel Havik
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
Author:
Publisher:
ISBN: 9789279082641
Category : Economic development
Languages : en
Pages : 27
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Book Description
Author: Gilbert Cette
Publisher: Edward Elgar Publishing
ISBN: 9781782541882
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Papers from a seminar held at the Royaumont Abbey on 22 and 23 March 2004, and organized by the Banque de France, CEPII, and the Ifo Institute for Economic Research at the University of Munich.
Author: Mr.Roberto Cardarelli
Publisher: International Monetary Fund
ISBN: 1513520830
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Total factor productivity (TFP) growth began slowing in the United States in the mid-2000s, before the Great Recession. To many, the main culprit is the fading positive impact of the information technology (IT) revolution that took place in the 1990s. But our estimates of TFP growth across the U.S. states reveal that the slowdown in TFP was quite widespread and not particularly stronger in IT-producing states or in those with a relatively more intensive usage of IT. An alternative explanation offered in this paper is that the slowdown in U.S. TFP growth reflects a loss of efficiency or market dynamism over the last two decades. Indeed, there are large differences in production efficiency across U.S. states, with the states having better educational attainment and greater investment in R&D being closer to the production “frontier.”
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Author:
Publisher:
ISBN: 9789279486685
Category :
Languages : en
Pages : 30
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Book Description
This paper looks at the growth stagnation in Europe since the beginning of the crisis, and places it in the light of the longer-term growth slowdown since the 1990s, as well as the projections forward for the remainder of the decade. Using a growth accounting approach, we compare the sources of the growth gap before and since the crisis. We observe a particularly rapid decline in the contributions of employment and total factor productivity to output growth. The projections to 2020 show that there is a continued large negative growth contribution from total factor productivity, which appears unsustainable. Looking at the growth gap relative to the United States, we find that while ICT capital intensity in Europe has largely converged on the US, the productivity effects were severely impacted by the crisis, especially because of a drop in the returns-to-scale from ICT use in non-ICT producing sectors. In the final part of the paper we focus on one key area to narrow (or even close) the TFP growth gap, by focusing on a shift in investment towards intangible (or knowledge) assets, such as ICT, innovative property and economic competencies. We find that at present the intensity of intangible investment in Europe is still much lower than in the United States. In the final section of the paper we draw conclusions with regard to the policy setting to revive long-term productivity growth through supporting the shift in its asset composition towards knowledge assets, notably the need to complete the single market in services, especially in the digital economy.
Author:
Publisher:
ISBN: 9789279486678
Category :
Languages : en
Pages : 30
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Book Description
This paper looks at the growth stagnation in Europe since the beginning of the crisis, and places it in the light of the longer-term growth slowdown since the 1990s, as well as the projections forward for the remainder of the decade. Using a growth accounting approach, we compare the sources of the growth gap before and since the crisis. We observe a particularly rapid decline in the contributions of employment and total factor productivity to output growth. The projections to 2020 show that there is a continued large negative growth contribution from total factor productivity, which appears unsustainable. Looking at the growth gap relative to the United States, we find that while ICT capital intensity in Europe has largely converged on the US, the productivity effects were severely impacted by the crisis, especially because of a drop in the returns-to-scale from ICT use in non-ICT producing sectors. In the final part of the paper we focus on one key area to narrow (or even close) the TFP growth gap, by focusing on a shift in investment towards intangible (or knowledge) assets, such as ICT, innovative property and economic competencies. We find that at present the intensity of intangible investment in Europe is still much lower than in the United States. In the final section of the paper we draw conclusions with regard to the policy setting to revive long-term productivity growth through supporting the shift in its asset composition towards knowledge assets, notably the need to complete the single market in services, especially in the digital economy.
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
