The sectoral composition of the US economy has changed dramatically in the past six decades. At the same time, knowledge and information assets are becoming increasingly important in the value creation process of a modern economy. This paper aims to explain the recent sectoral structural change...

This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, mark-up pricing, etc.) with a model of the financial system (comprising banks, loans, credit money, equities, etc.), together with a model of...

The paper considers whether structural reforms have a different impact on adjusted household disposable income (AHDI) compared to GDP, particularly given that while the latter is currently used as the basis for the OECD Economics Department’s framework for evaluating the effect of structural...

We develope a growth accounting method using the whole neoclassical growth model. We obtain three primary findings from our analysis of the U.S. economy during 1954--2017. First, the efficiency wedges in the entire period accurately account for the evolution of U.S. productivity and labor share....

The article presents the Bank’s new macroeconomic projections. For the first time, and in accordance with the change in the publication of the euro area projections by the ECB, the projection period includes the year t+2, in this case 2016. It should be stressed that the uncertainty around the...

The current economic situation in the euro area is causing serious concern. While the measures adopted by the European authorities since the end of 2011 did temporarily ease the uncertainty and financial tensions at the beginning of 2012, renewed nervousness on the sovereign debt markets and...

The article presents the Bank’s new macroeconomic projections for 2013 and 2014. They were produced in a context of deceleration of growth in the emerging economies and a hesitant revival of activity in the advanced countries. According to the Eurosystem’s projections, real GDP is likely to...

Since the publication of the Bank’s previous macroeconomic projections in June 2012, the global economic environment has become much less buoyant. In the euro area, economic activity is now also slowing down rapidly in countries that were previously less affected by the crisis. Against this...

This article presents the Bank’s new macroeconomic projections for 2014-2016. They have been produced for the first time on the basis of the national accounts ESA 2010. They already take account of the measures adopted by the new federal government and the federated entities in accordance with...

The Bank’s new macroeconomic projections for 2013 and 2014 were produced in a low-key international context featuring wide variations in performance between the main economic regions and an apparent disconnect between the real economy and the financial sphere. On the one hand, a vigorous...