ICT capital is an important driver of productivity growth. Using data from the EUKLEMS growth accounts, we show that ICT has made smaller contributions to labour productivity growth in the EU-15 than in the US, both at the macro level and at the level of individual sectors. At the same time,...

A large body of literature on the estimation of private returns to R&D adopts the Griliches knowledge production framework, ignoring the impact omitted spillover effects may have on consistent estimation. A separate body of literature is primarily interested in the presence and magnitude of...

This study presents new estimates of business R&D capital stocks for 22 countries at the aggregate and industry levels. At 9 percent of GDP, the EU business R&D capital stock falls short of its US and Japanese counterparts. Within the EU, R&D capital stocks are much lower in the southern and the...

Volume 13 of the EIB Papers contains the results of the 2008 EIB Conference on "Infrastructure investment, growth and cohesion". Issue 1 discusses the volume, composition, determinants and growth effects of government and infrastructure investment and highlights the economic cost of funds and...

I summarize the main results and policy insights from the 2011 EIB Conference on “Productivity and Long-Term Growth Potential in Europe”. Europe’s need for productivity growth has become more pressing against the backdrop of huge government debt and a beginning slowdown in labour supply....