Summary for non-specialistsAs a result of the financial crisis, cyclically corrected indicators have taken on a greater degree of significance and are firmly back at the forefront of economic policy making. This heightened level of policy interest not only reflects the anxiousness of policy...

This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the...

The EU KLEMS project represents a unique collective effort on behalf of academics, statisticians and policy makers to provide fundamental policy insights into the changes which have occurred at the industry level in Europe, the US and Japan over recent decades. The present paper has focussed on...

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.

Even with the growing internationalisation of production and the emerging concerns regarding the outsourcing phenomenon, the present study suggests that Europe has handled the post-1990 upsurge in worldwide trade integration in a relatively successful way. The EU continues to retain its...