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Book Cover
Author Estevão, Marcello M., author

Title Why is productivity growth in the Euro area so sluggish? / prepared by Marcello M. Estevao
Published [Washington D.C] : International Monetary Fund, [2004]
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Description 1 online resource (35 pages)
Series IMF working paper ; WP/04/200
IMF working paper ; WP/04/200
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."
At head of title: European Department
Print version record
Subject Industrial productivity -- Europe.
Labor productivity -- Europe.
Wages -- Europe.
Form Electronic book
Author International Monetary Fund. European Department, issuing body
ISBN 1282043277
1451905556 (E-Book)