Pub Date : 2009-06-30DOI: 10.1111/j.1468-0327.2009.00226.x
G. Brunello, P. Michaud, Anna Sanz-de-Galdeano
"Obesity in Europe is rising. This paper investigates the economic rationales for public intervention to control obesity. We present new empirical evidence showing that family background is related to obesity among young European adults. This evidence provides a strong basis for intervention on equity grounds, particularly targeted towards children. The case for intervention on efficiency grounds is less clear-cut and in most cases the evidence is relatively weak. We find insufficient evidence that information deficiencies are important, as the majority of Europeans appear to be aware of the bad consequences of obesity on health. We also find that the potential health insurance externality -- non-obese effectively subsidizing obese individuals -- is small. In support of policy intervention, we show that there are product and labour market imperfections. Obese employees earn less than the non-obese. We also find that there is a remarkably high proportion of individuals with self-control problems, who fail to stick to their self-declared weight-related plans. Regulations that affect fast food advertisements and the location and access to fast food vending machines and establishments may help these individuals in controlling their weight." Copyright (c) CEPR, CES, MSH, 2009.
{"title":"The Rise of Obesity in Europe: An Economic Perspective","authors":"G. Brunello, P. Michaud, Anna Sanz-de-Galdeano","doi":"10.1111/j.1468-0327.2009.00226.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2009.00226.x","url":null,"abstract":"\"Obesity in Europe is rising. This paper investigates the economic rationales for public intervention to control obesity. We present new empirical evidence showing that family background is related to obesity among young European adults. This evidence provides a strong basis for intervention on equity grounds, particularly targeted towards children. The case for intervention on efficiency grounds is less clear-cut and in most cases the evidence is relatively weak. We find insufficient evidence that information deficiencies are important, as the majority of Europeans appear to be aware of the bad consequences of obesity on health. We also find that the potential health insurance externality -- non-obese effectively subsidizing obese individuals -- is small. In support of policy intervention, we show that there are product and labour market imperfections. Obese employees earn less than the non-obese. We also find that there is a remarkably high proportion of individuals with self-control problems, who fail to stick to their self-declared weight-related plans. Regulations that affect fast food advertisements and the location and access to fast food vending machines and establishments may help these individuals in controlling their weight.\" Copyright (c) CEPR, CES, MSH, 2009.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133015851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-01DOI: 10.1111/j.1468-0327.2009.00231.x
Stijn Claessens, M. Kose, Marco E. Terrones
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions.
{"title":"What Happens During Recessions, Crunches and Busts?","authors":"Stijn Claessens, M. Kose, Marco E. Terrones","doi":"10.1111/j.1468-0327.2009.00231.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2009.00231.x","url":null,"abstract":"We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"15 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114032515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-11-06DOI: 10.1111/j.1468-0327.2009.00219.x
Marcel Fratzscher, Livio Stracca
"Economic and monetary union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their policy autonomy in several areas, such as monetary policy and fiscal policy. The paper shows that EMU has helped reduce the impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within the euro area. Equally importantly, economies with weak domestic policies and institutions exhibited a significantly higher sensitivity to domestic political shocks before EMU, but not thereafter. While this may entail that EMU has brought benefits to countries with weaker policies and institutions by insulating them from adverse political developments at home, a potential drawback is that it may provide weaker market discipline for domestic political stability." Copyright (c) CEPR, CES, MSH, 2009.
{"title":"The Political Economy Under Monetary Union: Has the Euro Made a Difference?","authors":"Marcel Fratzscher, Livio Stracca","doi":"10.1111/j.1468-0327.2009.00219.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2009.00219.x","url":null,"abstract":"\"Economic and monetary union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their policy autonomy in several areas, such as monetary policy and fiscal policy. The paper shows that EMU has helped reduce the impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within the euro area. Equally importantly, economies with weak domestic policies and institutions exhibited a significantly higher sensitivity to domestic political shocks before EMU, but not thereafter. While this may entail that EMU has brought benefits to countries with weaker policies and institutions by insulating them from adverse political developments at home, a potential drawback is that it may provide weaker market discipline for domestic political stability.\" Copyright (c) CEPR, CES, MSH, 2009.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128735212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-01DOI: 10.1111/j.1468-0327.2008.00209.x
D. Checchi, C. García-Peñalosa
"Labour market institutions are a crucial determinant of wage inequality, the wage share in aggregate income, and the unemployment rate. Since these variables affect, in turn, the distribution of income across households, the question arises of whether stronger labour market institutions have an impact on income inequality. Institutions can in principle have conflicting effects. For example, a higher unemployment benefit tends to increase the wage share, which in turn reduces inequality, but it also increases the unemployment rate thus making the distribution of income more unequal. This paper examines what is the overall impact of labour market institutions on household income inequality. The evidence indicates that stronger institutions are associated with lower income inequality, but in some cases also with higher rates of unemployment. We explore the magnitude of this trade-off, and quantify the changes in inequality and unemployment that we would observe if a common labour standard were imposed on members of the European Union." Copyright (c) CEPR, CES, MSH, 2008.
{"title":"Labour Market Institutions and Income Inequality","authors":"D. Checchi, C. García-Peñalosa","doi":"10.1111/j.1468-0327.2008.00209.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2008.00209.x","url":null,"abstract":"\"Labour market institutions are a crucial determinant of wage inequality, the wage share in aggregate income, and the unemployment rate. Since these variables affect, in turn, the distribution of income across households, the question arises of whether stronger labour market institutions have an impact on income inequality. Institutions can in principle have conflicting effects. For example, a higher unemployment benefit tends to increase the wage share, which in turn reduces inequality, but it also increases the unemployment rate thus making the distribution of income more unequal. This paper examines what is the overall impact of labour market institutions on household income inequality. The evidence indicates that stronger institutions are associated with lower income inequality, but in some cases also with higher rates of unemployment. We explore the magnitude of this trade-off, and quantify the changes in inequality and unemployment that we would observe if a common labour standard were imposed on members of the European Union.\" Copyright (c) CEPR, CES, MSH, 2008.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134011787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-09-01DOI: 10.1111/j.1468-0327.2009.00222.x
A. Abiad, D. Leigh, A. Mody
"Recent studies have found that capital moves 'uphill' from poor to rich countries, and brings little or no growth dividend when it does flow into poor economies. We show that Europe does not conform to this paradigm. In the European experience of financial integration, capital has flown from rich to poor countries, and such inflows have been associated with significant acceleration of income convergence. Analysing broader samples of countries, we find that 'downhill' capital flows tend to be observed above certain thresholds in institutional quality and financial integration. But Europe remains different even when allowing for such threshold effects, and its experience is similar to that of interstate flows within the United States. Our findings are consistent with the notion that financial diversification reduces countries' incentives to save in order to self-insure against specific shocks." Copyright (c) CEPR, CES, MSH, 2009.
{"title":"Financial Integration, Capital Mobility, and Income Convergence","authors":"A. Abiad, D. Leigh, A. Mody","doi":"10.1111/j.1468-0327.2009.00222.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2009.00222.x","url":null,"abstract":"\"Recent studies have found that capital moves 'uphill' from poor to rich countries, and brings little or no growth dividend when it does flow into poor economies. We show that Europe does not conform to this paradigm. In the European experience of financial integration, capital has flown from rich to poor countries, and such inflows have been associated with significant acceleration of income convergence. Analysing broader samples of countries, we find that 'downhill' capital flows tend to be observed above certain thresholds in institutional quality and financial integration. But Europe remains different even when allowing for such threshold effects, and its experience is similar to that of interstate flows within the United States. Our findings are consistent with the notion that financial diversification reduces countries' incentives to save in order to self-insure against specific shocks.\" Copyright (c) CEPR, CES, MSH, 2009.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123982938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-01DOI: 10.1111/j.1468-0327.2008.00205.x
Augustin Landier, D. Thesmar, Mathias Thoenig
Capitalism aversion: There are two non-mutually exclusive theories of individual variations in pro-capitalism opinions. The first theory views pro-capitalism opinions as self-serving: Individuals are opposed to market forces when they threaten their economic rents. The second theory views differences in such opinions as reflecting genuine disagreement on the efficiency of various economic systems. Using individual data, we investigate the validity of both theories, focusing on attitudes toward private ownership, private profit and competition. We find evidence that the first theory explains some of the variations in attitudes. However, consistent with the second theory, we also find evidence of individual learning about the comparative virtues of economic systems. The learning is slow, home-biased and path-dependent. Long-run cultural and historical determinants of pro-market attitudes, such as religion and legal origins, explain more than 40% of the cross-country variations in capitalism aversion. Last, we provide tentative evidence that at the country level, pro-market opinions affect the nature of economic institutions. Our results suggest that the feasibility of economic reform does not depend solely on its impact on the distribution of rents; ideological a-prioris are likely to be important as well.
{"title":"Investigating Capitalism Aversion","authors":"Augustin Landier, D. Thesmar, Mathias Thoenig","doi":"10.1111/j.1468-0327.2008.00205.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2008.00205.x","url":null,"abstract":"Capitalism aversion: There are two non-mutually exclusive theories of individual variations in pro-capitalism opinions. The first theory views pro-capitalism opinions as self-serving: Individuals are opposed to market forces when they threaten their economic rents. The second theory views differences in such opinions as reflecting genuine disagreement on the efficiency of various economic systems. Using individual data, we investigate the validity of both theories, focusing on attitudes toward private ownership, private profit and competition. We find evidence that the first theory explains some of the variations in attitudes. However, consistent with the second theory, we also find evidence of individual learning about the comparative virtues of economic systems. The learning is slow, home-biased and path-dependent. Long-run cultural and historical determinants of pro-market attitudes, such as religion and legal origins, explain more than 40% of the cross-country variations in capitalism aversion. Last, we provide tentative evidence that at the country level, pro-market opinions affect the nature of economic institutions. Our results suggest that the feasibility of economic reform does not depend solely on its impact on the distribution of rents; ideological a-prioris are likely to be important as well.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123364561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-06-12DOI: 10.1111/j.1468-0327.2008.00206.x
Oya Celasun, Jan Walliser
"Aid recipients and donors alike frequently voice concerns about the lack of predictability of development aid. The existing literature often treats predictability and volatility as closely related, but this paper shows that they are conceptually and empirically distinct. Using two main data sources, we demonstrate that, contrary to common belief, lack of predictability typically involves managing both aid shortfalls and windfalls, and hampers aid management even in countries with stable implementation of macroeconomic policies. Although regression analysis of the sources of low predictability for a large panel picks up two indicators that could be seen as justifying unexpected revisions in aid disbursements, a large unexplained residual remains for which we cannot identify a link between low predictability and aid effectiveness concerns by donors. Using detailed data from IMF programmes, we demonstrate the significant costs of low predictability of budget aid in relatively well performing recipient countries. Deviations of disbursed from expected budget aid of more than 1% of GDP on average are absorbed asymmetrically: aid shortfalls lead to debt accumulation and cuts in investment spending, whereas aid windfalls help reduce debt but also lead to additional government consumption. Lack of predictability thus shifts government spending from investment to consumption activities." Copyright Journal compilation (c) CEPR, CES, MSH, 2008.
{"title":"Predictability of Aid: Do Fickle Donors Undermine Aid Effectiveness?","authors":"Oya Celasun, Jan Walliser","doi":"10.1111/j.1468-0327.2008.00206.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2008.00206.x","url":null,"abstract":"\"Aid recipients and donors alike frequently voice concerns about the lack of predictability of development aid. The existing literature often treats predictability and volatility as closely related, but this paper shows that they are conceptually and empirically distinct. Using two main data sources, we demonstrate that, contrary to common belief, lack of predictability typically involves managing both aid shortfalls and windfalls, and hampers aid management even in countries with stable implementation of macroeconomic policies. Although regression analysis of the sources of low predictability for a large panel picks up two indicators that could be seen as justifying unexpected revisions in aid disbursements, a large unexplained residual remains for which we cannot identify a link between low predictability and aid effectiveness concerns by donors. Using detailed data from IMF programmes, we demonstrate the significant costs of low predictability of budget aid in relatively well performing recipient countries. Deviations of disbursed from expected budget aid of more than 1% of GDP on average are absorbed asymmetrically: aid shortfalls lead to debt accumulation and cuts in investment spending, whereas aid windfalls help reduce debt but also lead to additional government consumption. Lack of predictability thus shifts government spending from investment to consumption activities.\" Copyright Journal compilation (c) CEPR, CES, MSH, 2008.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130517357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-06-01DOI: 10.1111/j.1468-0327.2009.00214.x
Guenter W. Beck, K. Hubrich, Massimiliano Marcellino
Inflation differentials across regions of an integrated economy can reflect a proper response to demand and supply conditions, but can also indicate distortions with negative welfare implications. Using a novel dataset of regional inflation rates from six euro area countries, we examine the size and persistence of their differentials and find that they appear to be related to factor market distortions and other structural characteristics, rather than to cyclical and growth dynamics. Our empirical analysis shows that only about half of inflation rates variation is accounted for by area-wide factors such as monetary policy or oil price developments. National factors (such as labour market institutions) still play a very important role, and a regional component accounts for about 18% of inflation variability. — Guenter W. Beck, Kirstin Hubrich and Massimiliano Marcellino
一体化经济各区域之间的通货膨胀差异可以反映出对需求和供应条件的适当反应，但也可以表明对福利有负面影响的扭曲现象。使用来自六个欧元区国家的区域通货膨胀率的新数据集，我们检查了它们差异的规模和持久性，发现它们似乎与因素市场扭曲和其他结构性特征有关，而不是与周期性和增长动态有关。我们的实证分析表明，只有大约一半的通胀率变化是由货币政策或油价走势等区域性因素造成的。国家因素(如劳动力市场制度)仍然发挥着非常重要的作用，而地区因素约占通货膨胀变异性的18%。——Guenter W. Beck, Kirstin Hubrich和Massimiliano Marcellino
{"title":"Regional Inflation Dynamics within and across Euro Area Countries and a Comparison with the United States","authors":"Guenter W. Beck, K. Hubrich, Massimiliano Marcellino","doi":"10.1111/j.1468-0327.2009.00214.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2009.00214.x","url":null,"abstract":"Inflation differentials across regions of an integrated economy can reflect a proper response to demand and supply conditions, but can also indicate distortions with negative welfare implications. Using a novel dataset of regional inflation rates from six euro area countries, we examine the size and persistence of their differentials and find that they appear to be related to factor market distortions and other structural characteristics, rather than to cyclical and growth dynamics. Our empirical analysis shows that only about half of inflation rates variation is accounted for by area-wide factors such as monetary policy or oil price developments. National factors (such as labour market institutions) still play a very important role, and a regional component accounts for about 18% of inflation variability.\u0000\u0000— Guenter W. Beck, Kirstin Hubrich and Massimiliano Marcellino","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125679410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-03-19DOI: 10.1111/j.1468-0327.2008.00200.x
Yannis M. Ioannides, H. Overman, E. Rossi-Hansberg, Kurt Schmidheiny
Two innovations in the last century have changed dramatically the cost of communicating and transmitting information: The first is the widespread adoption of telephony; the second is the internet. We study the implications of these changes in ICT for urban structure. We find robust evidence that increases in the number of telephone lines per capita lead to a more concentrated distribution of city sizes and so correspondingly to more dispersion in the distribution of economic activity in space. The evidence on internet usage is more speculative, although it goes in the same direction. This empirical result is rationalized in a theoretical model.
{"title":"The Effect of Information and Communication Technologies on Urban Structure","authors":"Yannis M. Ioannides, H. Overman, E. Rossi-Hansberg, Kurt Schmidheiny","doi":"10.1111/j.1468-0327.2008.00200.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2008.00200.x","url":null,"abstract":"Two innovations in the last century have changed dramatically the cost of communicating and transmitting information: The first is the widespread adoption of telephony; the second is the internet. We study the implications of these changes in ICT for urban structure. We find robust evidence that increases in the number of telephone lines per capita lead to a more concentrated distribution of city sizes and so correspondingly to more dispersion in the distribution of economic activity in space. The evidence on internet usage is more speculative, although it goes in the same direction. This empirical result is rationalized in a theoretical model.","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114173986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-12-23DOI: 10.1111/j.1468-0327.2007.00194.x
R. Inklaar, M. Timmer, Bart van Ark
"Since the mid-1990s, market services have positively influenced labor productivity growth in the US, but not in most European countries. We analyze these cross-country differences in growth dynamics using industry-level measures of output, inputs, and multifactor productivity (MFP) from the new EU KLEMS database. We find that using detailed data has important implications for empirical analysis of policy influences on growth. Increased investment in information and communication technology (ICT) capital and growth in human capital contributed substantially to labor productivity growth in market services across all European countries and the US. However, countries differ most strongly in the rates of efficiency improvement in the use of inputs. We find no evidence of an externality-driven relationship between such efficiency changes and the growth of ICT use or of employment of university-educated workers. We also find that entry liberalization has been beneficial for productivity growth in telecommunications, but not in other service industries." Copyright (c) CEPR, CES, MSH, 2008..
{"title":"Market Services Productivity Across Europe and the US","authors":"R. Inklaar, M. Timmer, Bart van Ark","doi":"10.1111/j.1468-0327.2007.00194.x","DOIUrl":"https://doi.org/10.1111/j.1468-0327.2007.00194.x","url":null,"abstract":"\"Since the mid-1990s, market services have positively influenced labor productivity growth in the US, but not in most European countries. We analyze these cross-country differences in growth dynamics using industry-level measures of output, inputs, and multifactor productivity (MFP) from the new EU KLEMS database. We find that using detailed data has important implications for empirical analysis of policy influences on growth. Increased investment in information and communication technology (ICT) capital and growth in human capital contributed substantially to labor productivity growth in market services across all European countries and the US. However, countries differ most strongly in the rates of efficiency improvement in the use of inputs. We find no evidence of an externality-driven relationship between such efficiency changes and the growth of ICT use or of employment of university-educated workers. We also find that entry liberalization has been beneficial for productivity growth in telecommunications, but not in other service industries.\" Copyright (c) CEPR, CES, MSH, 2008..","PeriodicalId":236508,"journal":{"name":"Wiley-Blackwell: Economic Policy","volume":"206 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123056644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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