| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4535 |
| DP4535 Has the Transmission Mechanism of European Monetary Policy Changed in the Run-Up to EMU? | |
| Alessandro Rebucci; Matteo Ciccarelli | |
| 发表日期 | 2004-09-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | A number of writers have recently questioned whether labour productivity or per capita incomes were ever higher in the United Kingdom than in the United States. We show that although the United States already had a substantial labour productivity lead in industry as early as 1840, especially in manufacturing, labour productivity was broadly equal in the two countries in agriculture, while the United Kingdom was ahead in services. Hence aggregate labour productivity was higher in the United Kingdom, particularly since the United States had a larger share of the labour force in low value-added agriculture. US overtaking occurred decisively only during the 1890s, as labour productivity pulled ahead in services and the share of agricultural employment declined substantially. The share of the population in the labour force was lower in the United States, so that the United Kingdom?s labour productivity advantage in the mid-nineteenth century translated into a larger per capita income lead. |
| 主题 | International Macroeconomics |
| 关键词 | Labour productivity Sectoral disaggregation Per capita income International comparison |
| URL | https://cepr.org/publications/dp4535 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533505 |
| 推荐引用方式 GB/T 7714 | Alessandro Rebucci,Matteo Ciccarelli. DP4535 Has the Transmission Mechanism of European Monetary Policy Changed in the Run-Up to EMU?. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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