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Potential output growth in several industrialised countries: a comparison

Christophe Cahn () and Arthur Saint-Guilhem
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Arthur Saint-Guilhem: ECB - European Central Bank - European Central Bank, Centre de recherche de la Banque de France - Banque de France

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Abstract: In this paper, we present international comparisons of potential output growth among several economies -Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States- for the period 1991-2004, for which we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb-Douglas function and Total Factor Productivity (TFP) is estimated allowing for possible breaks in the deterministic trend. The results confirm that over the considered period the potential GDP growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic performance over the recent period.

Keywords: potential growth; production function; total factor productivity; age of equipments; croissance potentielle; fonction de production; productivité globale des facteurs; âge du capital (search for similar items in EconPapers)
Date: 2008-07
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00586632
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Related works:
Journal Article: Potential output growth in several industrialised countries a comparison (2010) Downloads
Working Paper: Potential output growth in several industrialised countries: a comparison (2008) Downloads
Working Paper: Potential output growth in several industrialised countries: a comparison (2007) Downloads
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