Les infortunes de la vertu

Xavier Timbeau, Hélène Baudchon (), Odile Chagny (), Valerie Chauvin (), Elena Stancanelli, Guillaume Chevillon (), Gael Dupont (), Amel Falah (), Eric Heyer, Sabine Le Bayon (), Matthieu Lemoine, Catherine Mathieu (), Paola Veroni (), Mathieu Plane and Christine Rifflart ()
Additional contact information
Hélène Baudchon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Odile Chagny: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Centre Etudes & Prospective - Groupe ALPHA
Valerie Chauvin: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Guillaume Chevillon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Gael Dupont: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Sabine Le Bayon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Catherine Mathieu: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Paola Veroni: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Christine Rifflart: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: In fall 2003, the global economic recovery is nigh, with the US and Asia leading, and the euro zone as a laggard. The transatlantic gap in GDP growth is partly caused by the differences in policy mixes : very expansionary in the US, moderately so in the euro area. Corporate balance sheets have improved, especially in the US. Investment financing is no longer constrained, yet, for it to recover, demand must improve — still a remote prospect in the euro area. By contrast, sustained US productivity gains in 2003 and 2004 keep boosting wages, which, in turn, help households to consume while reducing their debts. The lack of global inflationary pressures, due to negative output gaps, allows interest rates to stay low. At the end of 2004, GDP growth reaches 3 % in the US and 2 % in the euro zone.

Keywords: Global growth; World economy; Fiscal Policy; Croissance mondiale; Économie mondiale; Politique budgétaire (search for similar items in EconPapers)
Date: 2003-10
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03458685v1
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Published in Revue de l'OFCE, 2003, 87, pp.7 - 98. ⟨10.3917/reof.087.0007⟩

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Related works:
Working Paper: Les infortunes de la vertu (2012)
Working Paper: Les infortunes de la vertu (2012)
Working Paper: Les infortunes de la vertu (2003)
Working Paper: Les infortunes de la vertu (2003)
Working Paper: Les infortunes de la vertu (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-03458685

DOI: 10.3917/reof.087.0007

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