productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative …

The aim of this report is to foster a better understanding of past trends in, and drivers of, productivity growth in … the countries of the European Union (EU) and of the interplay between productivity and monetary policy. To this end, a … productivity growth, including within the European System of Central Banks and in the context of the review of the ECB’s monetary …

performance of entire economies: 1) a productivity effect through the ICT-producing sector, 2) an investment effect from ICT …-using industries through capital deepening, and 3) a productivity effect from an efficiency rise through the use of ICT which goes … beyond the direct capital deepening effect. The study finds that the slowing of the total factor productivity growth rate in …

This paper studies the effect of structural change on the historical path of aggregate labor productivity growth for a … that structural change may have on future productivity growth. We document that the observed reallocation of economic … activity since the 1970s towards the service sector has exerted a strongly negative effect on aggregate productivity growth in …

This paper assesses the productivity puzzle critically and gives an outlook on the COVID-19 crisis. It offers two main … conclusions. First, it posits that a large fraction of the productivity puzzle can be solved by incorporating intangible capital … into the asset boundary of the national accounts. Thus, the productivity puzzle is largely explained as a consequence of …

sectoral transformation, and labour productivity growth in the EU in several new dimensions. First, based on the latest data …, we document the size of the negative effect that structural change has exerted onto productivity growth over long time … structural change may have on future productivity growth. This model generates structural change through both price and income …

This paper studies the effect of structural change on the historical path of aggregate labor productivity growth for a … that structural change may have on future productivity growth. We document that the observed reallocation of economic … activity since the 1970s towards the service sector has exerted a strongly negative effect on aggregate productivity growth in …