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|a Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area
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|a This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies. We find that the endogeneity of TFP induces a high degree of persistence in the euro area business cycle via a feedback mechanism between overall economic conditions and investment in productivity-enhancing technologies. As to the sources of the euro area productivity slowdown, we conclude that a decrease in the efficiency of R&D investment is among the key factors generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is identified as the most important driving force. The endogenous technology mechanism further exerts a dampening effect on the in ation response following a recessionary shock and hence has important implications for both the negligible fall in in ation during the Great Recession, as well as the sluggish increase of in ation in the subsequent recovery.
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Schmöller, Michaela, Spitzer, Martin |
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Schmöller, Michaela, Spitzer, Martin |
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This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies. We find that the endogeneity of TFP induces a high degree of persistence in the euro area business cycle via a feedback mechanism between overall economic conditions and investment in productivity-enhancing technologies. As to the sources of the euro area productivity slowdown, we conclude that a decrease in the efficiency of R&D investment is among the key factors generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is identified as the most important driving force. The endogenous technology mechanism further exerts a dampening effect on the in ation response following a recessionary shock and hence has important implications for both the negligible fall in in ation during the Great Recession, as well as the sluggish increase of in ation in the subsequent recovery. |
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Frankfurt am Main, Germany, European Central Bank, [2020] |
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Schmöller, Michaela VerfasserIn (DE-588)1198347023 (DE-627)1680726609 aut, Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area Michaela Schmöller, Martin Spitzer, Frankfurt am Main, Germany European Central Bank [2020], 1 Online-Ressource (circa 38 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2401 (May 2020), This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies. We find that the endogeneity of TFP induces a high degree of persistence in the euro area business cycle via a feedback mechanism between overall economic conditions and investment in productivity-enhancing technologies. As to the sources of the euro area productivity slowdown, we conclude that a decrease in the efficiency of R&D investment is among the key factors generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is identified as the most important driving force. The endogenous technology mechanism further exerts a dampening effect on the in ation response following a recessionary shock and hence has important implications for both the negligible fall in in ation during the Great Recession, as well as the sluggish increase of in ation in the subsequent recovery., Spitzer, Martin VerfasserIn (DE-588)1198941995 (DE-627)1681149184 aut, Europäische Zentralbank Working paper series no 2401 (May 2020) 2401 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2401~69f1560139.en.pdf Verlag kostenfrei, https://doi.org/10.2866/712562 Resolving-System kostenfrei, http://hdl.handle.net/10419/229015 Resolving-System kostenfrei, https://doi.org/10.2866/712562 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2401~69f1560139.en.pdf LFER, LFER 2020-06-07T03:20:14Z |
| spellingShingle |
Schmöller, Michaela, Spitzer, Martin, Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area, Europäische Zentralbank, Working paper series, no 2401 (May 2020), This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies. We find that the endogeneity of TFP induces a high degree of persistence in the euro area business cycle via a feedback mechanism between overall economic conditions and investment in productivity-enhancing technologies. As to the sources of the euro area productivity slowdown, we conclude that a decrease in the efficiency of R&D investment is among the key factors generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is identified as the most important driving force. The endogenous technology mechanism further exerts a dampening effect on the in ation response following a recessionary shock and hence has important implications for both the negligible fall in in ation during the Great Recession, as well as the sluggish increase of in ation in the subsequent recovery. |
| title |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area |
| title_auth |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area |
| title_full |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area Michaela Schmöller, Martin Spitzer |
| title_fullStr |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area Michaela Schmöller, Martin Spitzer |
| title_full_unstemmed |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area Michaela Schmöller, Martin Spitzer |
| title_in_hierarchy |
no 2401 (May 2020). Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area ([2020]) |
| title_short |
Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area |
| title_sort |
endogenous tfp business cycle persistence and the productivity slowdown in the euro area |
| url |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2401~69f1560139.en.pdf, https://doi.org/10.2866/712562, http://hdl.handle.net/10419/229015 |
