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Output and Productivity. Estimates of the Kaldor-Verdoorn Effect in Austrian und EU Industrial Production

Stefan Ederer and Stefan Schiman

WIFO Monatsberichte (monthly reports), 2018, vol. 91, issue 1, 53-61

Abstract: Empirical estimates of the Kaldor-Verdoorn effect in Austria and the EU by means of time series econometric techniques show that an increase of industrial production by 1 percent leads to an increase of labour productivity by up to 0.5 percent. Endogenous reinforcement effects through capital accumulation and induced technical progress are revealed by impulse response functions. A longer period of weak industrial production, therefore, dampens productivity growth, long-run prosperity and competitiveness.

Keywords: Produktivität; Verdoornsches Gesetz (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:wfo:monber:y:2018:i:1:p:53-61