In den entwickelten Volkswirtschaften ist das Produktivitätswachstum seit den 1970er Jahren tendenziell gesunken, zeigen die Statistiken - eine Beobachtung, die angesichts der weitreichenden Digitalisierung der Wirtschaft erstaunt. Sie könnte auf Messfehlern beruhen, ist sie aber realistisch,...

This paper addresses the long-term slowdown in labour productivity for a panel of 25 countries. First, we look at productivity shifts and trends based on structural break tests and modern filtering techniques. The productivity slowdown is evident in almost all countries we investigate. Second,...

The paper adds to the literature as follows: starting from the benchmark model of Asdrubali et al. (1996), we reproduce the original specification with a data set obtained from the authors as well as possible. In a second step, this specification is brought to euro area data. Again, the results...

The paper adds to the literature as follows: starting from the benchmark model of Asdrubali et al. (1996), we reproduce the original specification with a data set obtained from the authors as well as possible. In a second step, this specification is brought to euro area data. Again, the results...

Deklariertes Ziel der EZB-Geldpolitik ist primär Preisstabilität in der Eurozone. Angesichts der ernüchternden Wachstumsprognosen und des konjunkturellen Abschwungs in Europa signalisierte nun der abgehende EZB-Chef Mario Draghi weitere Schritte zur Lockerung der Geldpolitik, um anhaltend...

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption...