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Dear colleague, we cordially invite you to the following event: Productivity growth in Europe and Russia
Presentations by Kirsten Jäger and Ilya Voskoboynikov
Thursday, 18 October 2018, 2:00 pm (14:00 CEST)
wiiw, Rahlgasse 3, 1060 Vienna, library (2nd floor)
The seminar consists of two presentations:
1. Why is productivity in Europe still struggling? (by Kirsten Jäger)
This presentation provides insights on the main findings with respect to recent trends of productivity growth in Europe based on the latest 2017 EU KLEMS release. Starting from the global view, we will look at drivers of economic growth in Europe and the US. Besides the total economy perspective, we will also zoom in on manufacturing and market services and explain how these sectors evolved after the financial crisis. The productivity paradox of the New Digital Economy will round up the EU-US comparisons.
2. What explains the productivity slowdown in Russia? (by Ilya Voskoboynikov)
Although productivity slowdown of the global economy was observed before 2008, it is the 2008 crisis that stimulated studies on its origins. To what extent is this global view helpful in understanding recent productivity slowdown of the Russian economy? The present study shows that stagnation of 2008-2014 is more the outcome of TFP slowdown and the deterioration of the allocation of labour rather than the lack of capital inputs. Moreover, TFP slowdown started in Russia a few years before the crisis, the same as in major global economies, such as the United States, OECD countries, China and Brazil. At the same time, relatively stable capital deepening makes the Russian pattern to some degree similar to resources abundant Australia and Canada. Next, the contribution of information and communication capital to labour productivity growth in Russia after 2008 declined, which can hamper technology diffusion. Finally the structure of the flow of capital services in Russia has changed after 2008. Before the crisis the contribution of machinery and equipment dominated, while after the crisis constructions provided the lions’ share of capital inputs. ...more
We kindly ask you to register for the event.
Best regards,
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