Cyclical Downturn or Slowing Trend? A Review Article on "Productivity Puzzles across Europe"

International Productivity Monitor

John Fernald¹ 

[1] INSEAD and Federal Reserve Bank of San Francisco;

关键词: total factor productivity;    review;   

DOI  :  

来源: DOAJ

【 摘 要 】

Productivity Puzzles across Europe examines European productivity before, during, and since the Great Financial Crisis, with a special focus on countryspecific labour-market institutions. This review emphasizes first, that European productivity growth has been slowing for decades — it is not just a recession and post-recession phenomenon. Second, the book’s analysis of labour markets, which highlights incentives to hoard labour, is relevant for understanding cyclical fluctuations in total factor productivity (TFP) around that trend. For example, institutions in Germany encouraged use of intensive margins (hours per worker and maybe effort), so measured TFP fell sharply in the recession but then rebounded quickly. The labour-market analysis in the book sheds little light on the slowing TFP trend.

【 授权许可】

Unknown