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Assessing Italy's Reform Challenges:What Do Growth Accounting and Structural Indicators Say?

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  • Lorenzo Codogno
  • Francesco Felici
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    Abstract

    Italy's overall GDP growth has been dismal in recent years and this poor performance has been compounded by a declining trend in labour productivity and total factor productivity growth. This paper looks into growth accounting and structural indicators and analyses Italy's performance against other European countries. We look at the evidence provided by newly available information from the Lisbon Assessment Framework (LAF) developed by the Working Group on Lisbon Methodology (LIME) attached to the Economic Policy Committee and the European Commission services (DG ECFIN). Building upon the results of existing literature, we investigate whether this new evidence is supported by data from other sources and provides fresh insight into Italy's reform process. The main message from the analysis of growth accounting and structural indicators appears to be that Italy's GDP growth significantly underperformed that of the EU15 in 2001-2007 notwithstanding progress on reforms.

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    File URL: http://www.dt.tesoro.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/WP_n._8_2009.pdf
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    Bibliographic Info

    Paper provided by Department of the Treasury, Ministry of the Economy and of Finance in its series Working Papers with number 8.

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    Length: 57
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    Handle: RePEc:itt:wpaper:wp2009-8

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    Web page: http://www.dt.tesoro.it
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    Related research

    Keywords: Productivity; Economic Growth and Aggregate Productivity; Italy;

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    1. Olivier Blanchard & Francesco Giavazzi, . "Macroeconomic effects of regulation and deregulation in goods and labor markets," Working Papers 187, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    2. Zvi Griliches, 1979. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 92-116, Spring.
    3. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August.
    4. Lorenzo Codogno, . "Two Italian Puzzles: Are Productivity Growth and Competitiveness Really so Depressed?," Working Papers wp2009-2, Department of the Treasury, Ministry of the Economy and of Finance.
    5. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the two faces of R&D : productivity growth in a panel of OECD industries," LSE Research Online Documents on Economics 784, London School of Economics and Political Science, LSE Library.
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    7. Aghion, Philippe, et al, 1991. "Optimal Learning by Experimentation," Review of Economic Studies, Wiley Blackwell, vol. 58(4), pages 621-54, July.
    8. Dutz, Mark A. & Hayri, Aydin, 2000. "Does more intense competition lead to higher growth?," Policy Research Working Paper Series 2320, The World Bank.
    9. Aghion Philippe & Bolton, Patrick & Harris Christopher & Jullien Bruno, 1991. "Optimal learning by experimentation," CEPREMAP Working Papers (Couverture Orange) 9104, CEPREMAP.
    10. Kevin J. Stiroh, 2002. "Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say?," American Economic Review, American Economic Association, vol. 92(5), pages 1559-1576, December.
    11. Zvi Griliches, 1998. "The Search for R&D Spillovers," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 251-268 National Bureau of Economic Research, Inc.
    12. Robert J. Gordon, 2003. "Hi-tech Innovation and Productivity Growth: Does Supply Create Its Own Demand?," NBER Working Papers 9437, National Bureau of Economic Research, Inc.
    13. Gilles Mourre, 2009. "What explains the differences in income and labour utilisation and drives labour and economic growth in Europe? A GDP accounting perspective," European Economy - Economic Papers 354, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    14. Ian Dew-Becker & Robert J. Gordon, 2012. "The Role of Labor-Market Changes in the Slowdown of European Productivity," Review of Economics and Institutions, Università di Perugia, vol. 3(2).
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