全球智库信息集成服务系统(G2TT): DP13972 Productivity Growth, Capital Reallocation and the Financial Crisis: Evidence from Europe and the US

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来源类型	Discussion paper
规范类型	论文
来源ID	DP13972
	DP13972 Productivity Growth, Capital Reallocation and the Financial Crisis: Evidence from Europe and the US
	Jonathan Haskel; Carol Corrado; Cecilia Jona-Lasinio
发表日期	2019-08-31
出版年	2019
语种	英语
摘要	How has capital reallocation affected productivity growth since the financial cri- sis? For example, have low interest rates disrupted the reallocation process? This paper calculates the effect on productivity growth of capital reallocation between industries. It uses an accounting framework, due to Jorgenson and his co-authors, that computes the contribution of capital services to productivity growth relative to one where rates of return are equalised between sectors: if capital persists in the low return sectors, the reallocation measure falls. Using data from 11 countries (the major EU economies plus the US), in 1997-2013, we nd: (a) the contribution of capital reallocation to productivity growth is lower in most economies after than before the financial crisis, notably in Mediterranean countries; (b) more capital real- location is correlated with lower real interest rates, contrary to the hypothesis that low real interest rates have hurt capital reallocation; (c) controlling for shocks, lower capital reallocation is associated with lower optimism, and weaker financial systems.
主题	Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	Productivity growth Capital reallocation Intangible capital
URL	https://cepr.org/publications/dp13972
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/542853
推荐引用方式 GB/T 7714	Jonathan Haskel,Carol Corrado,Cecilia Jona-Lasinio. DP13972 Productivity Growth, Capital Reallocation and the Financial Crisis: Evidence from Europe and the US. 2019.