Structural change and productivity growth in Europe — Past, present and future
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Organización Internacional del Trabajo (OIT)
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| Format: | Artículo científico |
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International Labour Organization
01/2023
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| _version_ | 1874525240564908034 |
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| author | Georg Duernecker Miguel Sanchez-Martinez |
| author_facet | Georg Duernecker Miguel Sanchez-Martinez Georg Duernecker Miguel Sanchez-Martinez |
| contents | Structural change and productivity growth in Europe — Past, present and future Georg Duernecker Miguel Sanchez-Martinez This paper studies the effect of structural change on the historical path of aggregate labor productivity growth for a large sample of European countries, and it builds a quantitative multi-sector growth model to analyze the potential impact that structural change may have on future productivity growth. We document that the observed reallocation of economic activity since the 1970s towards the service sector has exerted a strongly negative effect on aggregate productivity growth in most European countries. Moreover, we perform a quantitative analysis to show that the expected path of structural change might continue to have a sizeable dent on future productivity growth in Europe. By contrast, the impact in the U.S. is expected to rapidly diminish. We show that this differential result can be explained by the large expansion, in Europe, of certain service sub-sectors characterized by stagnant productivity. 10.1016/j.euroecorev.2022.104329 DOI https://doi.org/10.1016/j.euroecorev.2022.104329 publication.journalArticle |
| format | Artículo científico |
| id | ilo_995232142002676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 01/2023 |
| publisher | International Labour Organization |
| spellingShingle | Structural change and productivity growth in Europe — Past, present and future Georg Duernecker Miguel Sanchez-Martinez Structural change and productivity growth in Europe — Past, present and future Georg Duernecker Miguel Sanchez-Martinez This paper studies the effect of structural change on the historical path of aggregate labor productivity growth for a large sample of European countries, and it builds a quantitative multi-sector growth model to analyze the potential impact that structural change may have on future productivity growth. We document that the observed reallocation of economic activity since the 1970s towards the service sector has exerted a strongly negative effect on aggregate productivity growth in most European countries. Moreover, we perform a quantitative analysis to show that the expected path of structural change might continue to have a sizeable dent on future productivity growth in Europe. By contrast, the impact in the U.S. is expected to rapidly diminish. We show that this differential result can be explained by the large expansion, in Europe, of certain service sub-sectors characterized by stagnant productivity. 10.1016/j.euroecorev.2022.104329 DOI https://doi.org/10.1016/j.euroecorev.2022.104329 publication.journalArticle |
| title | Structural change and productivity growth in Europe — Past, present and future |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/Structural-change-and-productivity-growth-in/995232142002676 |