Description |
1 online resource (35 pages) |
Series |
IMF working paper, 2227-8885 ; WP/04/200 |
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IMF working paper ; WP/04/200.
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Contents |
""Contents""; ""I. INTRODUCTION""; ""II. GDP PER CAPITA AND PRODUCTIVITY GROWTH IN THE EURO AREA AND IN THE UNITED STATES""; ""III. LABOR PRODUCTIVITY GROWTH IN THE EURO AREA AND IN THE UNITED STATES USING INDUSTRY- LEVEL DATA""; ""IV. STRUCTURAL LABOR MARKET CHANGES AND CAPITAL DEEPENING""; ""V. FINAL REMARKS""; ""REFERENCES"" |
Summary |
Slow productivity growth has plagued the euro area since the mid-1990s. That is particularly striking in view of the large productivity gains in the United States during the same period. This paper shows that the deceleration in labor productivity in the euro area was caused by structural changes in wage formation that have affected the relative price of labor, increased the labor intensity of growth and, thus, reduced the rate of capital deepening. Technological shocks seem to have played a minor role in explaining slower productivity growth in the euro area. In addition, a surge in capital deepening and, mainly, TFP growth in key service industries in the United States explain a large part of the productivity growth gap between the two regions in the second half of the 1990s |
Notes |
"October 2004." |
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At head of title: European Department |
Bibliography |
Includes bibliographical references |
Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
Subject |
Labor productivity -- Europe
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Industrial productivity -- Europe
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Wages -- Europe
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Industrial productivity
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Labor productivity
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Wages
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Europe
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Form |
Electronic book
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Author |
International Monetary Fund. European Department, issuing body.
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ISBN |
1282043277 |
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9781282043275 |
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9781451905557 |
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1451905556 |
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9781451860191 |
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1451860196 |
ISSN |
2227-8885 |
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