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And yet, productivity growth has remained modest despite considerable investments into information and communications technology (ICT) capital. Many German industrial companies are viable competitors in world markets, spearheading technological progress in the era of the fourth industrial revolution. We stress that, despite all these similarities, Germany is a particularly interesting case, as its economic performance has been quite ambivalent – it even experienced declining unemployment during the euro area crisis and a protracted economic expansion with increasing employment afterwards. This reflects that factor utilisation was adjusted significantly during the crisis. Figure 1 shows that the PTFP is less volatile than the unadjusted Solow residual for all these countries, and that it declined less strongly during the financial crisis in the years 2008/09.
#The miracle worker act 3 series
To address this bias, we construct novel quarterly purified TFP (PFTP) series which are adjusted for factor utilisation, inspired by Fernald (2014) and relying on work by Comin et al. It tends to understate technological progress if factor utilisation decreases, and to overstate it in periods of increasing factor utilisation. The measurement of technological progress by the Solow residual is nonetheless problematic as it – among other factors – includes cyclical effects. Displaying this indicator, Figure 1 documents that, abstracting from a few years preceding the financial crisis of 2008-2009, labour productivity growth tends to overstate technological progress. Shaded regions reflect recessions as dated by the German Council of Economic Experts (GCEE) for Germany, the Conference Board for France and the United Kingdom, and the Economic Cycle Research Institute (ECRI) for Italy.Īn alternative indicator is total factor productivity (TFP) measured by the Solow residual. Labour productivity is measured as output per hour worked and shown with dotted lines. The blue dashed lines display our quarterly series for the Solow residual.
#The miracle worker act 3 full
Full lines are our quarterly PTFP measures.
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It shows the log-levels of the considered variables (annual average of 2008 = 100). Notes: This figure compares our quarterly measure for purified TFP for the major European countries with the Solow residual and labour productivity. As this measure is constructed as the ratio of output and the number of hours worked, it does not exclude variations of other input factors such as physical capital which are not directly linked to technological progress.įigure 1 Productivity developments in major European countries It is, however, an incomplete measure for technological progress. Growth of hourly labour productivity as a simple indicator has declined in all countries, this deceleration is especially pronounced in Italy and the UK. Figure 1 displays different measures for productivity for Germany, France, Italy, and the UK. Mapping productivity developments accurately is anything but easy. Specifically, we study prominent explanations using state-of-the-art empirical methods both regarding data construction and empirical identification procedures. 2021), we examine this development in more detail, focusing on the case of Germany. However, the deceleration has not been completely synchronised across countries. Since this trend has become more pronounced over time, some commentators have already concluded that the world has entered an era of secular stagnation (Gordon 2015, Summers 2014).
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Since the 1970s, all major advanced economies have shared the experience of declining technological progress.