http://www.bis.org/cbhub/list/jel_classification/jel_O47/index.rss Latest research hub papers with the JEL classification:O47 en http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1431.pdf European Central Bank Working papers by David Sondermann Productivity in the Euro area: any evidence of convergence? 2012-04-27T17:36:00Z Sizable prevailing real economic disparities among countries in a currency union potentially involve costs for those countries for which the aggregate policy stance is not appropriate. This paper contributes to the literature by testing for productivity convergence among euro area countries. While no convergence can be found on the aggregate level, selected service sectors and manufacturing sub-industries indicate evidence of convergence. In a search for factors in uencing productivity, investments in research and development as well as a high skill level of employees are shown to be beneficial whereas regulations constitute a burden. Consequently, euro area countries should engage in structural reforms where necessary to provide a more competitive environment, eventually facilitating economic convergence. Productivity in the Euro area: any evidence of convergence? 2012-04-27T17:36:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1431.pdf David Sondermann David Sondermann 2012-04-27 European Central Bank Working papers C33 J24 L60 L80 O47 http://www.bundesbank.de/download/volkswirtschaft/dkp/2012/201201dkp.en.pdf Deutsche Bundesbank Discussion Papers by Thomas A. Knetsch A user cost approach to capital measurement in aggregate production functions 2012-03-02T12:35:00Z A user cost approach to capital measurement in aggregate production functions 2012-03-02T12:35:00Z Full text http://www.bundesbank.de/download/volkswirtschaft/dkp/2012/201201dkp.en.pdf Thomas A. Knetsch Thomas A. Knetsch 2012-03-02 Deutsche Bundesbank Discussion Papers C43 E01 O47 http://www.frbatlanta.org/pubs/wp/11_05.cfm Atlanta Fed Working papers by Working Paper 2011-5 Measuring the Welfare Gain from Personal Computers: A Macroeconomic Approach 2011-03-24T17:42:00Z The authors measure the welfare gain from the introduction of and price decline in personal computers, determining the gain to be in the range of 2 percent to 3 percent of consumption expenditure. Measuring the Welfare Gain from Personal Computers: A Macroeconomic Approach 2011-03-24T17:42:00Z Abstract http://www.frbatlanta.org/pubs/wp/11_05.cfm Karen Kopecky Jeremy Greenwood Working Paper 2011-5 2011-03-24 Atlanta Fed Working papers E01 E21 O33 O47 http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1234.pdf European Central Bank Working papers by Marek Jarocinski Imposing parsimony in cross-country growth regressions, 2010-08-24T06:21:00Z The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from the model. This paper, instead, advocates priors that impose parsimony without excluding variables. The resulting models fit the data better and are more robust to revisions of income data. The positive relationship between measures of trade openness and growth is much stronger than found in the literature. Imposing parsimony in cross-country growth regressions, 2010-08-24T06:21:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1234.pdf Marek Jarocinski Marek Jarocinski 2010-08-23 European Central Bank Working papers C20 C52 O40 O47 http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1204.pdf European Central Bank Working papers by Antonio Colangelo, Robert Inklaar Banking sector output measurement in the euro area - a modified approach, 2010-06-25T12:43:59Z Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk interest rate as in current official statistics, reference rates should more closely match the risk characteristics of loans and deposits. For the euro area, imputed bank output is, on average, 24 to 40 percent lower than according to current methodology. This implies an average downward adjustment of euro area GDP (at current prices) between 0.16 and 0.27 percent. Banking sector output measurement in the euro area - a modified approach, 2010-06-25T12:43:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1204.pdf Robert Inklaar Antonio Colangelo Antonio Colangelo, Robert Inklaar 2010-06-04 European Central Bank Working papers E01 E44 O47 http://www.banque-france.fr/gb/publications/telechar/ner/ner271.pdf Bank of France Working Papers by Gilbert Cette, Yusuf Kocoglu and Jacques Mairesse Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century 2010-06-18T12:46:59Z Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century 2010-06-18T12:46:59Z Abstract http://www.banque-france.fr/gb/publications/ner/1-271.htm Full text http://www.banque-france.fr/gb/publications/telechar/ner/ner271.pdf Yusuf Kocoglu Jacques Mairesse Gilbert Cette Gilbert Cette, Yusuf Kocoglu and Jacques Mairesse 2010-01 Bank of France Working Papers E22 J24 N10 O47 O57 http://www.nbp.pl/publikacje/materialy_i_studia/73_en.pdf National Bank of Poland Working papers by Jakub Growiec On the measurement of technological progress across countries 2010-04-27T17:44:00Z On the measurement of technological progress across countries 2010-04-27T17:44:00Z Full text http://www.nbp.pl/publikacje/materialy_i_studia/73_en.pdf Jakub Growiec Jakub Growiec 2010 National Bank of Poland Working papers E23 O11 O14 O33 O47 http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2008_11.pdf Czech National Bank Working papers by Dana Hájková The measurement of capital services in the Czech Republic 2010-04-07T17:40:00Z JEL Codes: E23, O11, O12, O47 The measurement of capital services in the Czech Republic 2010-04-07T17:40:00Z Abstract http://www.cnb.cz/en/research/research_publications/cnb_wp/2008/cnbwp_2008_11.html Full text http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2008_11.pdf Dana Hájková Dana Hájková 2008-04 Czech National Bank Working papers E23 O11 O12 O47 http://www.banque-france.fr/gb/publications/telechar/ner/ner265.pdf Bank of France Working Papers by Gilbert Cette, Yusuf Kocoglu and Jacques Mairesse Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century 2010-01-06T12:41:00Z Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century 2010-01-06T12:41:00Z Abstract http://www.banque-france.fr/gb/publications/ner/1-265.htm Full text http://www.banque-france.fr/gb/publications/telechar/ner/ner265.pdf Yusuf Kocoglu Jacques Mairesse Gilbert Cette Gilbert Cette, Yusuf Kocoglu and Jacques Mairesse 2010-01 Bank of France Working Papers E22 J24 N10 O47 O57 http://www.banque-france.fr/gb/publications/telechar/ner/ner252.pdf Bank of France Working Papers by Gilbert Cette and Jimmy Lopez ICT Demand Behaviour: an International Comparison 2009-10-07T12:39:59Z ICT Demand Behaviour: an International Comparison 2009-10-07T12:39:59Z Abstract http://www.banque-france.fr/gb/publications/ner/1-252.htm Full text http://www.banque-france.fr/gb/publications/telechar/ner/ner252.pdf Jimmy Lopez Gilbert Cette Gilbert Cette and Jimmy Lopez 2009-09 Bank of France Working Papers E22 O47 O57 http://www.bancaditalia.it/pubblicazioni/econo/quest_ecofin_2/QF_51/QEF_51.pdf Bank of Italy Occasional Papers by Juan Carlos Martinez Oliva German reunification and convergence policies 2009-08-12T17:40:59Z This paper examines German reunification from its inception. It shows that after the rapid expansion of the early years, former East Germany entered a phase of slow growth that made it impossible to bridge the gap with West Germany. Unemployment remains high, low growth rates appear ingrained, and persistent regional unbalances affect the social and economic prospects of the area. The long-term outlook is threatened by adverse demographic trends and by the need for fiscal consolidation. A comparison between eastern Germany and the Italian Mezzogiorno shows that both rely heavily on government intervention. This dependency is perpetuated by the evident difficulty of setting an autonomous growth process in motion. By contrast, unlike the Mezzogiorno, the eastern German regions enjoy a high level of infrastructural endowment, a legal system that is both efficient and effective, and excellent human capital, partly inherited from the former DDR. However, this human capital is in danger of deteriorating irreversibly owing to the steady migration to the West of young and highly qualified workers from the area. German reunification and convergence policies 2009-08-12T17:40:59Z Abstract http://www.bancaditalia.it/pubblicazioni/econo/quest_ecofin_2/QF_51 Full text http://www.bancaditalia.it/pubblicazioni/econo/quest_ecofin_2/QF_51/QEF_51.pdf Juan Carlos Martinez Oliva Juan Carlos Martinez Oliva 2009-07 Bank of Italy Occasional Papers H0 O47 O52 P2 http://www.bancaditalia.it/pubblicazioni/econo/temidi/td09/td716_09/en_td716_09/en_tema_716.pdf Bank of Italy Working Papers by Matteo Bugamelli, Fabiano Schivardi and Roberta Zizza The euro and firm restructuring 2009-07-20T12:39:59Z We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian manufacturing confirms that low-tech businesses, which arguably benefited most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the share of blue collar workers. The euro and firm restructuring 2009-07-20T12:39:59Z Abstract http://www.bancaditalia.it/pubblicazioni/econo/temidi/td09/td716_09/en_td716_09 Full text http://www.bancaditalia.it/pubblicazioni/econo/temidi/td09/td716_09/en_td716_09/en_tema_716.pdf Matteo Bugamelli Fabiano Schivardi Roberta Zizza Matteo Bugamelli, Fabiano Schivardi and Roberta Zizza 2009-06 Bank of Italy Working Papers F33 J24 L16 O47 http://research.stlouisfed.org/wp/2009/2009-028.pdf St Louis Fed Working Papers by Costas Azariadis, and Leo Kaas Capital Misallocation and Aggregate Factor Productivity 2009-06-16T17:42:00Z We propose a sectoral–shift theory of aggregate factor productivity for a class of economies with AK technologies, limited loan enforcement, a constant production possibilities frontier, and finitely many sectors producing the same good. Both the growth rate and total factor productivity in these economies respond to random and persistent endogenous fluctuations in the sectoral distribution of physical capital which, in turn, responds to persistent and reversible exogenous shifts in relative sector productivities. Surplus capital from less productive sectors is lent to more productive ones in the form of secured collateral loans, as in Kiyotaki–Moore (1997), and also as unsecured reputational loans suggested in Bulow–Rogoff (1989). Endogenous debt limits slow down capital reallocation, preventing the equalization of risk– adjusted equity yields across sectors. Economy–wide factor productivity and the aggregate growth rate are both negatively correlated with the dispersion of sectoral rates of return, sectoral TFP and sectoral growth rates. If sector productivities follow a symmetric two–state Markov process, many of our economies converge to a limit cycle alternating between mild expansions and abrupt contractions. We also find highly periodic and volatile limit cycles in economies with small amounts of collateral. Capital Misallocation and Aggregate Factor Productivity 2009-06-16T17:42:00Z Abstract http://research.stlouisfed.org/wp/more/2009-028/ Full text http://research.stlouisfed.org/wp/2009/2009-028.pdf Leo Kaas Costas Azariadis Costas Azariadis, and Leo Kaas 2009-06 St Louis Fed Working Papers D90 E32 O47 http://www.dnb.nl/en/binaries/wp209_tcm47-216157.pdf Netherlands Bank DNB Working Papers by Steven Poelhekke Human Capital and Employment Growth in German Metropolitan Areas: New Evidence 2009-05-01T12:00:00Z German metropolitan areas with more highly skilled workers became increasingly skilled between 1975 and 2003, and this has important implications for urban employment growth.Using for the first time German metropolitan areas instead of administrative regions we show that the share of college graduates affects growth by the same magnitude as it does in US MSAs. However, conventional estimators are biased upwards. Correcting for the endogeneity of initial employment and solving a common problem of under-identification shows that the effect is at least a third smaller and closer to 0.5% employment growth for a 10% increase in the concentration of skilled workers. The effect is robust to various controls across two data sets. We additionally question the view that aggregate productivity growth is solely due to college graduates. After distinguishing between six different skill levels we find positive growth effects of high school graduates with vocational training, especially if the local concentration of technical professionals is high. The concentration of non-technical university graduates becomes more important over time, but has less bearing on the marginal growth effects of other skill groups. City success may thus depend on the ‘right’ combination of skills as well as college graduates. Key words: human capital, skills, city employment growth, Germany, GMM estimationJEL Classiffication: C22, J2, O47, R0, R1 Human Capital and Employment Growth in German Metropolitan Areas: New Evidence 2009-05-01T12:00:00Z Full text http://www.dnb.nl/en/binaries/wp209_tcm47-216157.pdf Steven Poelhekke Steven Poelhekke 2009-04 Netherlands Bank DNB Working Papers C22 J2 O47 R0 R1 http://www.bof.fi/NR/rdonlyres/2DECE4FA-32B7-4210-BCA1-BA164A570F53/0/0913netti.pdf Bank of Finland Discussion Papers by Iftekhar Hasan – Michael Koetter – Michael Wedow Regional growth and finance in Europe: Is there a quality effect of bank efficiency? 2009-04-28T12:35:59Z In this study, we test whether regional growth in 11 European countries depends on financial development and suggest the use of cost- and profit-efficiency estimates as quality measures for financial institutions. Contrary to the usual quantitative proxies for financial development, the quality of financial institutions is measured in this study as the relative ability of banks to intermediate funds. An improvement in bank efficiency spurs five times more regional growth than does an identical increase in credit. More credit provided by efficient banks exerts an independent growth effect in addition to the direct quantity and quality channel effects. Regional growth and finance in Europe: Is there a quality effect of bank efficiency? 2009-04-28T12:35:59Z Abstract http://www.bof.fi/en/julkaisut/tutkimukset/keskustelualoitteet/2009/dp2009_13.htm Full text http://www.bof.fi/NR/rdonlyres/2DECE4FA-32B7-4210-BCA1-BA164A570F53/0/0913netti.pdf Iftekhar Hasan Michael Wedow Michael Koetter Iftekhar Hasan – Michael Koetter – Michael Wedow 2009-04-28 Bank of Finland Discussion Papers G21 O16 O47 O52 http://research.stlouisfed.org/wp/2009/2009-005.pdf St Louis Fed Working Papers by Levon Barseghyan, and Riccardo DiCecio Entry Costs, Misallocation, and Cross-Country Income and TFP Differences 2009-03-27T12:39:59Z Entry costs vary dramatically across countries. To assess their impact we construct a model with endogenous entry and operation decisions by firms and calibrate it to match the U.S. distribution of firms by age and size. Higher entry costs lead to greater misallocation of productive factors and lower TFP and output. In the model, countries with entry costs in the lowest decile of the distribution have 2.32 times higher TFP (3.43 in the data) than countries in the highest decile. As in the data, higher entry costs are associated with higher mean and variance of the employment distribution across firms. Entry Costs, Misallocation, and Cross-Country Income and TFP Differences 2009-03-27T12:39:59Z Abstract http://research.stlouisfed.org/wp/more/2009-005/ Full text http://research.stlouisfed.org/wp/2009/2009-005.pdf Levon Barseghyan Riccardo DiCecio Levon Barseghyan, and Riccardo DiCecio 2009-02 St Louis Fed Working Papers L16 O11 O40 O43 O47 http://www.dnb.nl/en/binaries/Working%20paper%20195_tcm47-210267.pdf Netherlands Bank DNB Working Papers by Steven Poelhekke en Frederick van der Ploeg Growth, Foreign Direct Investment and Urban Concentration: Unbundling Spatial Lags 2009-02-01T12:00:00Z Cross-country regressions suggest that urbanization and FDI are important drivers of growth However, it is not clear that primacy eventually hurts growth performance. Since it is tough to interpret cross-country growth regressions, we provide detailed evidence on the determinants of outward FDI from the US. FDI is higher in countries that are close to the US and have good institutions, well developed financial systems, a high road density, a high income per capita and substantial natural resource exports. Countries also attract more FDI if they have more mediumsized cities and primacy is not too large. We show that good institutions in neighbouring countries are important drivers of FDI. FDI is higher if neighbours suffer from primacy. However, FDI is attracted if surrounding countries have fewer cities, restrictions on international trade and low market potential (income per capita). We tentatively conclude that cities are important drivers of FDI and growth and unbundling spatial lags matters. Robustness is verified by re-estimating our regressions with fixed effects and for the sample of OECD countries. Keywords: growth, foreign investment, cities, urbanization, primacy, spatial lags, spatial autoregression, surrounding market potential, fragmentation, export-platform Growth, Foreign Direct Investment and Urban Concentration: Unbundling Spatial Lags 2009-02-01T12:00:00Z Full text http://www.dnb.nl/en/binaries/Working%20paper%20195_tcm47-210267.pdf Steven Poelhekke en Frederick van der Ploeg 2009-01 Netherlands Bank DNB Working Papers C31 F21 F23 F43 O47 R11 http://www.banque-france.fr/gb/publications/telechar/ner/ner229.pdf Bank of France Working Papers by Philippe Aghion, Philippe Askenazy, Renaud Bourlès, Gilbert Cette and Nicolas Dromel Education, Market Rigidities and Growth 2009-01-08T11:38:59Z Education, Market Rigidities and Growth 2009-01-08T11:38:59Z Abstract http://www.banque-france.fr/gb/publications/ner/1-229.htm Full text http://www.banque-france.fr/gb/publications/telechar/ner/ner229.pdf Renaud Bourlès Nicolas Dromel Gilbert Cette Philippe Askenazy Philippe Aghion Philippe Aghion, Philippe Askenazy, Renaud Bourlès, Gilbert Cette and Nicolas Dromel 2009-01 Bank of France Working Papers J24 J68 L40 O47 http://www.bof.fi/NR/rdonlyres/883EC02F-D3A6-4BCA-B7E9-C3337E132B4A/0/DP2008.pdf Bank of Finland BOFIT Discussion Papers by Pierre-Guillaume Méon and Laurent Weill Is corruption an efficient grease? 2008-11-20T17:36:59Z This paper tests whether corruption may act as an efficient grease for the wheels of an oth-erwise deficient institutional framework. We analyze the interaction between aggregate efficiency, corruption, and other dimensions of governance for a panel of 54 developed and developing countries. Using three measures of corruption and five measures of other aspects of governance, we observe that corruption is consistently detrimental in countries where institutions are effective, but that it may be positively associated with efficiency in countries where institutions are ineffective. We thus find evidence of the grease the wheels hypothesis. Is corruption an efficient grease? 2008-11-20T17:36:59Z Abstract http://www.bof.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/2008/dp2008.htm Full text http://www.bof.fi/NR/rdonlyres/883EC02F-D3A6-4BCA-B7E9-C3337E132B4A/0/DP2008.pdf Pierre-Guillaume Méon Laurent Weill Pierre-Guillaume Méon and Laurent Weill 2008-11-20 Bank of Finland BOFIT Discussion Papers C33 K4 O43 O47 http://www.bankofcanada.ca/en/res/wp/2008/wp08-45.pdf Bank of Canada Working papers by Danny Leung, Césaire Meh, and Yaz Terajima Firm Size and Productivity 2008-11-18T07:12:00Z You may download the paper in the following format(s): Firm Size and Productivity 2008-11-18T07:12:00Z Abstract http://www.bankofcanada.ca/en/res/wp/2008/wp08-45.html Full text http://www.bankofcanada.ca/en/res/wp/2008/wp08-45.pdf Césaire Meh Yaz Terajima Danny Leung Danny Leung, Césaire Meh, and Yaz Terajima 2008-11 Bank of Canada Working papers L11 L25 O47 http://www.ecb.int/pub/pdf/scpwps/ecbwp852.pdf European Central Bank Working papers by Antonio Ciccone and Marek Jarocinski Determinants of economic growth: will data tell? 2008-01-26T07:12:00Z Determinants of economic growth: will data tell? 2008-01-26T07:12:00Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp852.pdf Marek Jarocinski Antonio Ciccone Antonio Ciccone and Marek Jarocinski 2008-01 European Central Bank Working papers E01 O47 http://www.ecb.int/pub/pdf/scpwps/ecbwp828.pdf European Central Bank Working papers by Christophe Cahn and Arthur Saint-Guilhem Potential output growth in several industrialised countries: a comparison 2007-12-01T07:12:00Z Potential output growth in several industrialised countries: a comparison 2007-12-01T07:12:00Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp828.pdf Arthur Saint-Guilhem Christophe Cahn Christophe Cahn and Arthur Saint-Guilhem 2007-11 European Central Bank Working papers C51 E32 O11 O47 http://www.ecb.int/pub/pdf/scpwps/ecbwp804.pdf European Central Bank Working papers by Tommaso Proietti and Alberto Musso Growth accounting for the euro area: a structural approach 2007-09-06T07:10:00Z Growth accounting for the euro area: a structural approach 2007-09-06T07:10:00Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp804.pdf Alberto Musso Tommaso Proietti Tommaso Proietti and Alberto Musso 2007-08 European Central Bank Working papers C32 C51 E32 O47 http://www.bcrp.gob.pe/bcr/dmdocuments/Publicaciones/Wpapers/DT2007_013.pdf Central Reserve Bank of Peru Working Papers by Raymundo Chirinos Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000 2007-08-15T17:36:00Z : Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000 2007-08-15T17:36:00Z Abstract http://www.bcrp.gob.pe/bcr/ingles/Working-Papers/eDT-2007012-Determinantes-del-crecimiento-econ.html Full text http://www.bcrp.gob.pe/bcr/dmdocuments/Publicaciones/Wpapers/DT2007_013.pdf Raymundo Chirinos Raymundo Chirinos 2007-08 Central Reserve Bank of Peru Working Papers C23 O40 O47 http://www.bportugal.pt/en-US/BdP%20Publications%20Research/WP200709.pdf Bank of Portugal Working papers by João Amador, Carlos Coimbra Total Factor Productivity Growth in the G7 Countries: Different or Alike? 2007-04-27T17:34:59Z Total Factor Productivity Growth in the G7 Countries: Different or Alike? 2007-04-27T17:34:59Z Full text http://www.bportugal.pt/en-US/BdP%20Publications%20Research/WP200709.pdf João Amador Carlos Coimbra João Amador, Carlos Coimbra 2007-04 Bank of Portugal Working papers C11 O47 O5