Productivity Puzzles Across Europe
Series: Studies of Policy Reform;
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Product details:
- Publisher OUP Oxford
- Date of Publication 22 September 2016
- ISBN 9780198786160
- Binding Hardback
- No. of pages338 pages
- Size 222x149x23 mm
- Weight 534 g
- Language English
- Illustrations Figures and Tables 0
Categories
Short description:
A volume on labour productivity in Europe in the aftermath of the 2008 financial crisis. It provides rationales for recent productivity trends in France, the UK, Germany, and Spain, and analyses policy responses to the crisis and how these have affected post-recession outcomes.
MoreLong description:
The 2008 financial crisis put an end to an era of sustained economic growth in Europe. The size of the shock differed across European countries and affected economies in different ways. Yet despite this heterogeneity, most European countries suffered a prolonged period of economic slowdown which raised concerns about the risk of a secular stagnation in Europe. This book focuses on labour productivity in Europe, one of the main drivers of growth and prosperity. Although productivity trends became the focus of policy interest in the immediate aftermath of the recession in the UK, 'productivity puzzles' received much less attention in the rest of Europe. These 'puzzles', which are apparent to greater or lesser extents in most European economies, centre on the marked decline in labour productivity growth which occurred with the on-set of recession. They are puzzles because, in neo-classical economics, firms respond to demand shocks by laying off workers, thus maintaining labour productivity and limiting growth in unit labour costs. Yet this didn't happen in this recession - at least, not to the same extent as in previous recessions, except in Spain.
This book brings together contributions from leading European economists who analyse production models and macroeconomic policies, with specific focus on European countries that represent around 60% of the EU GDP. Chapters on France, Germany, the UK, and Spain provide new evidences at the firm/workplace level, and stress the role of transitory labour market mechanisms
Table of Contents:
Introduction
Europe's Productivity Slowdown Revisited: A Comparative Perspective to the United States
Is Secular Stagnation the Future for Europe?
Understanding Productivity and Employment in a Fragmenting Economy: The Global Value Chain Approach
Exploring the French Productivity Puzzle
The UK's Productivity Puzzle
Discussion of the French and British Conundrums
The German Labour Market Puzzle in the Great Recession
The Spanish Productivity Puzzle
Comments on Two Polar Puzzles: Germany and Spain
