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Potential output growth in several industrialised countries: a comparison

  • Christophe Cahn

    (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - École normale supérieure [ENS] - Paris, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, DAMEP - Banque de France - Direction de l'analyse macroéconomique et de la prévision - Banque de France)

  • Arthur Saint-Guilhem

    (ECB - European Central Bank - European Central Bank, Centre de recherche de la Banque de France - Banque de France)

In this paper, we present international comparisons of potential output growth among several economies -Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States- for the period 1991-2004, for which we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb-Douglas function and Total Factor Productivity (TFP) is estimated allowing for possible breaks in the deterministic trend. The results confirm that over the considered period the potential GDP growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic performance over the recent period.

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Paper provided by HAL in its series PSE Working Papers with number halshs-00586632.

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Date of creation: Jul 2008
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Handle: RePEc:hal:psewpa:halshs-00586632
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