DIFPROD · US-EU productivity differential at the industry level: the role of embodied technology progress
6РП — Действия „Мария Кюри“
- Период
- 2007-01-01 → 2008-12-31
- Финансиране от ЕС
- 143 915 €
- Участници
- 1
- Схема
- EIF
Линиите свързват координатора с партньорите.
Накратко на български
Разликата в производителността между САЩ и ЕС се анализира чрез влиянието на новите технологии, вградени в производственото оборудване. Това помага да се разберат причините за по-слабото икономическо представяне на Европа и как технологичните промени влияят върху инвестициите и пазара на труда.
Кратко обяснение, генерирано от езиков модел по текста на CORDIS. Оригиналът е по-долу.
Резултати накратко
Final Activity Report Summary - DIFPROD (US-EU productivity differential at the industry level: the role of embodied technology progress.)
The research addresses the empirical aspects of the US-EU productivity differential, in order to explain the causes of the relatively poor performance of European countries productivity of the last decade. More in detail, the goal of the project is to establish and investigate some stylised facts about the behaviour of productivity in both the United States and the European Union, at the industry level, emphasising in particular the role of embodied technological progress. . More in detail, the goal of the project is to establish and investigate some stylised facts about the behaviour of productivity in both the United States and the European Union, at the industry level, emphasising in particular the role of embodied technological progress. The project has resulted in the preparation of 7 papers, 2 of which are published in peer-reviewed journals and 1 as chapter in edit volume. Some of the deliverables are already published or on line, while the others papers are due in the coming months. The findings are therefore available to the scientific community and its quality has been checked through the blind peer-review process. The results of the project highlight the importance of embodied technological progress in explaining business fluctuation. In fact, it has been shown that investment-specific technology shocks explain the main bulk of the aggregate productivity and that they affect investment and consumption sectors heterogeneously. We have also found the importance of the investment-specific shocks in explaining the dynamics of the labour market variables. Further, investigating the international propagation of productivity shocks, we provide evidence that the investment-specific shock is international in nature and that the US-EU productivity differential could be attributed to certain sluggishness in the transmission of the embodied productivity gains to the EU consumption goods.
Текст от CORDIS, на английски · Данни: CORDIS, © Европейски съюз
Цел на проекта
The last decade has witnessed the resurgence of United States (US) productivity and the contemporaneous decline of that of the European Union (EU). This productivity gap means that Europe is falling behind the US and it may therefore be difficult to maintain the European standard of living. The current research explores the causes of the aforementioned divergence by adopting a multi-sector framework. It is submitted that a multi-sector framework offers a preferential model for identification of sources of productivity slowdown as compared with a one-sector model. By departing from the standard one-sector model it is possible to identify additional sources of productivity slowdown, for example (1) the distance of the European investment goods sectors from the technological frontier, (2) the slower adoption process of new investment goods by the European consumption goods sectors.These two alternative sources of productivity differential are estimated by applying a dynamic factor model to US and EU sectoral data (GGDC data set). With this econometric technique, each variable is decomposed into components that are industry-specific but common across nations, and components that are nation-specific but common across industries. By estimating sector- or national-specific dynamic factors it is possible to: (1) determine the European sectors for which the country-component accounts for more than the sectoral one in order to explain productivity dynamics; (2) estimate the correlation of the variance explained by the sector-component with other explanatory variables; (3) identify the heterogeneous responses of EU and the US to common shocks.This project provides valuable input into the debate about realizing the Lisbon Agenda. According to the recent Sapir report, both innovation and reforms are central triggers for the European growth process. The proposed empirical analysis and the multi-sector framework will contribute to the discussion on this policy debate.
Оригинален текст от CORDIS (на английски).
Участници
- EUROPEAN UNIVERSITY INSTITUTE · SAN DOMENICO DI FIESOLEКоординаторИталия
Връзки
Данни: CORDIS, © Европейски съюз