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Potential growth in the EU and the global economy: New analytical insights & prospects from ageing and catching-up

Author

Listed:
  • Michel Aglietta

    (Centre d'Etudes Prospectives et d'Informations Internationales)

  • Vladimir Borgy

    (Centre de recherche de la Banque de France)

  • Jean Chateau

    (UFR Mathématique et informatique)

  • Michel Juillard

    (Bases, Corpus, Langage)

  • Jacques Le Cacheux

    (Observatoire français des conjonctures économiques)

  • Gilles Le Garrec

    (Observatoire français des conjonctures économiques)

  • Vincent Touze

    (Observatoire français des conjonctures économiques)

  • Jérôme Creel

    (Observatoire français des conjonctures économiques)

  • Jean-Paul Fitoussi

    (Observatoire français des conjonctures économiques)

Abstract

Last year’s International Collaboration Project had helped to highlight several key determinants of potential growth in the European Union (EU): basing upon growth accounting techniques, the main difference between the EU and the US had been shown not to rest on total factor productivity levels but, rather, on inputs per capita and, more specifically, on low employment levels in the EU. With this peculiar result in mind, investigating the bad employment performance of the EU had been the second step of last year’s Project: the main result had been that EU policymaking design was flawed and that prospects for growth would be improving only insofar as institutions like fiscal policy, the EU budget and monetary policy would be reformed. Finally, we had investigated the consequences of the last EU enlargement on the EU newcomers and on the other EU members. We had shown that the weight of these newcomers was so low that these countries could not be considered as a burden for the EU (...).

Suggested Citation

  • Michel Aglietta & Vladimir Borgy & Jean Chateau & Michel Juillard & Jacques Le Cacheux & Gilles Le Garrec & Vincent Touze & Jérôme Creel & Jean-Paul Fitoussi, 2006. "Potential growth in the EU and the global economy: New analytical insights & prospects from ageing and catching-up," Sciences Po publications info:hdl:2441/4423, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/4423
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    References listed on IDEAS

    as
    1. Daron Acemoglu & Philippe Aghion & Fabrizio Zilibotti, 2006. "Distance to Frontier, Selection, and Economic Growth," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 37-74, March.
    2. Marie Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 1-27, February.
    3. Amendola, Mario & Gaffard, Jean Luc & Saraceno, Francesco, 2005. "Technical progress, accumulation and financial constraints: is the productivity paradox really a paradox?," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 243-261, June.
    4. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
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