Productivity puzzles across Europe


I.1 Productivity Trends in the Twenty-First CenturyI.2 Puzzles and ExplanationsI.3 The Revamped European Labour MarketsTwo Decades of Intensive Labour Market ReformsI.3.2 Large Adjustments in Atypical Employment or in WagesAn Increasingly Educated WorkforceReferencesEurope's Productivity Slowdown Revisited. A Comparative Perspective to the United StatesIntroductionThe Aggregate Sources of Growth RevisitedOutput, Employment, and Labour Productivity PerformanceA Sources-of-Growth AnalysisRecent Developments in ICT's Impact on Productivity GrowthA Technology Effect through the ICT-Producing SectorAn Investment Effect from ICT-Using Industries through Capital DeepeningNetwork Effects on Productivity from ICT UseThe Role of Intangible InvestmentsTowards Reviving Long-Term Growth in EuropeAcknowledgementsReferencesIs Secular Stagnation the Future for Europe?IntroductionSecular StagnationWhy was Alvin Hansen Wrong?The Eurozone's Policy Response to a 'Depressed Economy'Medium-Term Growth Prospects: Extrapolating Recent TrendsLong-Term Growth Prospects: Forward-Looking ProjectionsSupply-Side Policy and Secular Stagnation in EuropeConclusionsReferencesUnderstanding Productivity and Employment in a Fragmenting EconomyIntroductionIncreasing Fragmentation of Production across BordersThe GVC Approach to ProductionFunctional Specialization in GVCsConcluding RemarksReferencesExploring the French Productivity PuzzleIntroductionThe French Productivity Puzzle'This Time is Different'The Slight Productivity Recovery in the Non-Market Sector Contrasts with the Slump in Productivity across Most of the Market EconomyAn Apparent TFP PuzzleA New Labour Market Affects the Productivity CycleThe Employment Non-Crisis for Most Educated Workers and High-Skilled OccupationsWork Intensification but Fragile Workers' EngagementThe Rise of Low Productivity Jobs: The New Self-Employed Status and Very Short-Term ContractsMajor Pension Reforms do not have a Clear-Cut Impact on ProductivityFrench Private Firms are in Good Financial Health despite Increasing WagesIncreasing Wages during the RecessionFrench Firms Sustained by Low Interest Rates and Massive Tax CutsHas the Reallocation of Tangible Capital been Impaired?Quantitative Microanalyses: the Relationship between Labour Force Composition, Workplace and Incentive Practices, and ProductivityDatabases and the Basic Production FunctionLabour Force Composition, Hoarding, and ProductivityWork Practices and ProductivityWhat Can We Expect for the Future?AcknowledgementsReferencesThe UK's Productivity PuzzleIntroductionThe Usual Suspects in the UK's Productivity PuzzleMeasurement ErrorThe Role of the Finance Sector in the Broader EconomyA Limited Cleansing Effect?Labour HoardingThe Flexible Labour MarketDeclining Real WagesCapital ShallowingIncentives to InnovateSummaryNew Evidence on Britain's Productivity Puzzle: a Workplace PerspectiveThe 'Cleansing' HypothesisTechnological and Organizational InnovationsLabour HoardingA Slowdown in Human Resource Management Investments?Working Harder or Not So Hard?The UK's 'Flexible Labour Market'SummaryThe FutureAcknowledgementsReferencesDiscussion of the French and British ConundrumsIntroductionGeneral CommentsThe Cyclical Insensitivity of Skilled LabourDeclining Spillovers from Knowledge-Based Capital AccumulationThe Role of Resource ReallocationFranceShort-Term Work—Stepping Stones or Traps?Policies to Promote Small FirmsOrganizational Capital and ProductivityThe United KingdomThe Changing Role of Resource ReallocationThe Cleansing Effect of RecessionsLack of Consensus over the Basic FactsConcluding ThoughtsReferencesThe German Labour Market Puzzle in the Great RecessionIntroductionMacroeconomic TrendsKey Macroeconomic IndicatorsGDPEMPLOYMENTLABOUR PRODUCTIVITY AND LABOUR COSTSLONG-TERM REPERCUSSIONS OF THE CRISISFUTURE OUTLOOKEstablishment-Level TrendsInterim ConclusionGermany's Jobs MiracleFavourable Pre-Crisis ConditionsTHE MANUFACTURING SECTORTHE TRANSITORY NATURE OF THE CRISISLABOUR HOARDINGLABOUR COSTSThe Hartz IV ReformsGovernment InterventionWithin-Firm FlexibilitiesSHORT-TIMEWORKWORKING TIME ACCOUNTSPACTS FOR EMPLOYMENT AND COMPETITIVENESSInterim ConclusionA Driving Force of Productivity Development in Germany: Industrial RelationsGermany's Dual System of Industrial RelationsThe Role of Company-Level Pacts for Employment and CompetitivenessMicroeconometric EvidenceData OverviewDescriptive EvidenceEmpirical ApproachResultsLABOUR PRODUCTIVITY AND EMPLOYMENT ADJUSTMENTSPACTS FOR EMPLOYMENT AND COMPETITIVENESSLessons LearnedConclusion and OutlookReferencesThe Spanish Productivity PuzzleIntroduction: Major Features of the Spanish CrisisRelated LiteratureMacro FactsBrief Economic OutlookThe Performance of the Spanish Labour MarketACTIVE POPULATIONEMPLOYMENTUNEMPLOYMENTFactors influencing Labour Market PerformanceLABOUR COSTSLABOUR RELATIONSSector CompositionAccess to creditCAPITAL FORMATIONR&D AND TECHNOLOGICAL INVESTMENTThe Use of Foreign MarketsMicro evidenceDataDATA SOURCESSAMPLE SELECTIONMeasuring TFPESTIMATION OF THE PRODUCTION FUNCTIONTHE EVOLUTION OF TFPMargins of Adjustment used by the FirmsROBUSTNESS TEST: TFP GROWTH RATEConclusionsAcknowledgementsReferencesComments on Two Polar PuzzlesSpain: Is it Really a Puzzle?The Polar Case: GermanyReferences
 
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