Labour Productivity in the European Union and Comparison with the USA, 1979-2001
This paper examines the possible macroeconomic consequences of changes in trend of productivity growth for European countries. Overall the results suggest that a rise in trend factor productivity will lead to higher levels of production and real income, however employment adjustment will depend on the extent to which the long-run equilibrium of an economy is affected. In this paper we present an international comparison of growth trends in the OECD countries, with a special attention to developments in labor productivity, allowing for human capital accumulation, and multifactor productivity (MFP). The main conclusions are that some «traditional» factors lay behind the disparities in growth patterns across the European countries.
Volume (Year): 1 (2004)
Issue (Month): 4 ()
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- Claude Giorno & Pete Richardson & Wim Suyker, 1995. "Technical Progress, Factor Productivity and Macroeconomic Performance in the Medium Term," OECD Economics Department Working Papers 157, OECD Publishing.
- Guisan, M.C. & Aguayo, E., 2004. "Employment, Population and Regional Development in Western and Central Europe. Econometric Models and Challenges of EU Enlargement," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(2), pages 129-142.
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