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Key factors behind productivity trends in euro area countries

Paloma Lopez-Garcia and Béla Szörfi

Economic Bulletin Articles, 2021, vol. 7

Abstract: Productivity plays a key role in the economic resilience and social welfare of countries. Central bankers are also interested in higher productivity growth because it would contribute to increasing the natural rate of interest and, therefore, the effectiveness of monetary policy, its room for manoeuvre and its transmission to the economy. With this monetary policy perspective in mind, this article aims to show key productivity trends and drivers over the past few decades in the euro area. The article is complemented by Box 4 in this issue of the Economic Bulletin, which presents preliminary evidence on the impact of the coronavirus (COVID-19) pandemic, and of policy responses to it, on productivity in the euro area. JEL Classification: D22, D24, D61, O33, O47, O52

Keywords: euro area; monetary policy; Productivity growth (search for similar items in EconPapers)
Date: 2021-11
Note: 2648086
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