Table of Contents

Industrial Productivity in Europe

Industrial Productivity in Europe

Growth and Crisis

Edited by Matilde Mas and Robert Stehrer

This book analyzes growth at the total economy and industry level from an international perspective, providing unique cross-country comparisons. The authors focus on the EU-25 countries but also include the US, Japan and Korea. The chapters explore growth patterns from a long-run perspective, although greater attention is paid to the period of expansion from 1995–2007 and the post 2008 period of crisis. Each contribution builds on a common methodology based on a detailed database providing a high degree of disaggregation with respect to the industries and factors accounting for growth. The role played by ICT is expertly emphasized, in particular the different paths followed in the US and the EU.

Chapter 1: Productivity in the Advanced Countries: From Expansion to Crisis

Matilde Mas

Subjects: economics and finance, industrial economics


Matilde Mas 1.1 INTRODUCTION This chapter provides an overview of the main results derived from the EU KLEMS project as analysed in greater detail in the following chapters. Timmer et al. (2010) offer a detailed analysis of the methodology followed and the results obtained. Thus, the two volumes can be considered complementary to each other. The main characteristics of this project have been highlighted in the Introduction. Although the starting date of the EU KLEMS database is 1970 for most of the countries, in this chapter we focus on the most recent period. The data have been extended to 2010 using information provided by The Conference Board (TCB), which follows the same methodology as EU KLEMS and is therefore consistent. The period 1995–2010 is of special interest for two reasons: first, because 1995 marks the start of the latest phase of expansion experienced by the United States and most Western European countries, interrupted abruptly by the crisis starting in 2007; second, because from 1995 onwards information is available for most of the new countries that joined the EU on 1 May 2004. Figure 1.1 offers a first overview of the trajectories followed by the European Union (EU), the US and Japan in the most recent period, 1995– 2010. Given the different institutional background of the New Member States, the EU-25 is split into two groups: EU-15 and EU-10.1 The first aspect that stands out is the marked differences among the groups of countries. The US followed a virtuous path...

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