Showing 1 - 9 of 9
By merging KLEMS data sets and aggregating over the ten largest Western European nations (EU-10), we are able to compare and contrast productivity growth up through 2015 starting from 1950 in the U.S. and from 1972 in the EU-10. Data are provided at the aggregate level, as well as for 16...
Persistent link: https://www.econbiz.de/10012479654
This paper examines the macroeconomic aftermath of the 1992 breakdown of the European Exchange Rate Mechanism (ERM). The economic performance of six leaver' nations is compared with five stayer' nations that maintained a roughly fixed parity with the Deutsche Mark. Recent writing about...
Persistent link: https://www.econbiz.de/10012471843
We examine the role of the ICT revolution in driving productivity growth behavior for the United States and an aggregate of ten Western European nations (the EU-10) from 1977 to 2015. We find that the standard growth accounting approach is deficient when it separates sources of growth between...
Persistent link: https://www.econbiz.de/10012481620
Throughout the postwar era until 1995 labor productivity grew faster in Europe than in the United States. Since 1995 …, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth … growth within Europe. We document this tradeoff in the raw data, in regressions that control for the two-way causation …
Persistent link: https://www.econbiz.de/10012464806
, Europe fell behind steadily to a level of barely half in 1950, and then began a rapid catch-up. While Europe's level of … productivity has almost converged, its income per person has leveled off at about three-quarters of America's. How could Europe be … so productive yet so poor? The simple answer is that hours per person in Europe have fallen drastically in the past 40 …
Persistent link: https://www.econbiz.de/10012468028
After fifty years of catching up to the United States level of productivity, since 1995 Europe has been falling behind …. The growth rate in output per hour over 1995-2003 in Europe was just half that in the United States, and this annual … the period since 1995. Disaggregated studies of industrial sectors suggest that the main difference between Europe and the …
Persistent link: https://www.econbiz.de/10012468029
This paper analyzes two-way interactions between structural reform and macro policy. If structural reforms increase the flexibility of labor markets, they are likely to improve the short-run inflation-unemployment tradeoff, providing an incentive for policymakers to expand aggregate demand....
Persistent link: https://www.econbiz.de/10012473095
This is a comprehensive study of measurement and substantive issues that arise in determining the rate of multi factor productivity (MFP) growth in the transportation industry over the postwar period, 1948-87. Official data on output and employment are provided by two government agencies and...
Persistent link: https://www.econbiz.de/10012475182
This paper studies the relationship between real wages and unernployment in Europe. It finds no evidence that high real … wages are responsible for the differing behavior of unemployment in Europe as contrasted with the U. S., and across European … excessive real wages in Europe. "Wage gap" (i.e., labor's share) indexes on a 1972 base were almost identical in Europe and the …
Persistent link: https://www.econbiz.de/10012476613