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the growth rate and the level of productivity. The long-run level of productivity is reduced if higher unemployment leads …-run productivity growth. Using panel data from 13 OECD countries from 1960 to 1990, we find evidence that an increase in unemployment … scales down the long-run level of productivity. …
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The effect of changes in demographic structure on medium-run trends of key macroeconomic variables is estimated using a Panel VAR of 21 OECD economies. The panel data variability assists the identification of direct effects of demographics, while the dynamic structure uncovers long-term effects....
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We document for the US and Continental Europe that home-production time remained essentially flat during the last 50 years while changes in market time and leisure offset each other. We then focus on the US and France during 1970-2005 which are on the opposite sides of the spectrum: while US...
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