-convergence trap" long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in …

We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US … higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate … effect on productivity is a priori unclear. Turning to the real economy, we thus analyse whether this additional access to …

to come increasingly from productivity gains, and resources will have to shift towards activities that rely more on …

internal and external crises. Productivity catch-up was critical to this process, although the level of labour productivity … also remains around one-third below the OECD average. Further productivity gains will partly rely on improvements in … encourage advances in within-firm productivity growth. Improvements to the quality of education at all levels and increasing the …

productivity. We examine these claims. Non-parametric plots and regressions show a robust positive association between the … manufacturing sector and Business R&D expenditures (BERD), while the relationship between manufacturing and exports or productivity …

capita gross domestic product could be offset by increases in productivity. However, for many regions, productivity growth … years. One reason for this is that ageing also has a direct negative impact on productivity growth, with the effect being … affected by demographic change, is a more solid driver of productivity growth. Finally, ageing seems to be associated with a …

productivity performance of large European R&D Multinational Enterprises (MNEs). Based on the worldwide subsidiaries of these firms … from globalisation on firms’ R&D productivity, especially in the US, while a negative impact for industrial diversification …