Labour Productivity in the European Union and Comparison with the USA, 1979-2001

George M. Korres (), Dionysios Chionis and Constantinos Tsamadias

International Journal of Applied Econometrics and Quantitative Studies, 2004, vol. 1, issue 4, 85-112

Abstract: This paper examines the possible macroeconomic consequences of changes in trend of productivity growth for European countries. Overall the results suggest that a rise in trend factor productivity will lead to higher levels of production and real income, however employment adjustment will depend on the extent to which the long-run equilibrium of an economy is affected. In this paper we present an international comparison of growth trends in the OECD countries, with a special attention to developments in labor productivity, allowing for human capital accumulation, and multifactor productivity (MFP). The main conclusions are that some «traditional» factors lay behind the disparities in growth patterns across the European countries.

Keywords: Economic growth; productivity; technical change (search for similar items in EconPapers)
JEL-codes: C51 O51 O52 (search for similar items in EconPapers)
Date: 2004
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