Key Factors Behind Productivity Trends in EU Countries

196 Pages Posted: 23 Sep 2021 Last revised: 12 May 2022

See all articles by Wolfgang Modery

Wolfgang Modery

European Central Bank (ECB)

Paloma Lopez-Garcia

European Central Bank (ECB)

Maria Albani

Bank of Greece

Claudio Baccianti

Tilburg University - Tilburg University School of Economics and Management

Rodrigo Barrela

European Central Bank (ECB)

Katalin Bodnár

European Central Bank (ECB)

maurice bun

De Nederlandsche Bank

Jan De Mulder

National Bank of Belgium

Beatriz Lopez

Banco de España

Vincent Labhard

European Central Bank (ECB) - Directorate General Economics

Julien Le Roux

European Central Bank (ECB)

Andrea Linarello

Bank of Italy

Isabella Moder

European Central Bank (ECB)

Kaspar Oja

Bank of Estonia

Christian Ragacs

Oesterreichische Nationalbank (OeNB)

Roehe Oke

Deutsche Bundesbank

Ana Seco Justo

European Central Bank (ECB)

Roberta Serafini

European Central Bank (ECB)

Ralph Setzer

European Central Bank (ECB)

Irune Solera Lopez

Banco de España

Juuso Vanhala

Bank of Finland

Date Written: September, 2021

Abstract

The aim of this report is to foster a better understanding of past trends in, and drivers of, productivity growth in the countries of the European Union (EU) and of the interplay between productivity and monetary policy. To this end, a group of experts from 15 national central banks and the European Central Bank (ECB) joined forces and pooled data and expertise for more than 18 months to produce the report. Group members drew on the extensive research already conducted on productivity growth, including within the European System of Central Banks and in the context of the review of the ECB’s monetary policy strategy, and worked together to conduct new analyses.

Keywords: drivers and policy implications, European Union, Productivity growth

JEL Classification: D22, D24, D61, O33, O47, O52

Suggested Citation

Modery, Wolfgang and Lopez-Garcia, Paloma and Albani, Maria and Baccianti, Claudio and Barrela, Rodrigo and Bodnár, Katalin and bun, maurice and Mulder, Jan De and Lopez, Beatriz and Labhard, Vincent and Le Roux, Julien and Linarello, Andrea and Moder, Isabella and Oja, Kaspar and Ragacs, Christian and Oke, Roehe and Justo, Ana Seco and Serafini, Roberta and Setzer, Ralph and Lopez, Irune Solera and Vanhala, Juuso, Key Factors Behind Productivity Trends in EU Countries (September, 2021). ECB Occasional Paper No. 2021/268, Available at SSRN: https://ssrn.com/abstract=3928289

Wolfgang Modery (Contact Author)

European Central Bank (ECB)

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Paloma Lopez-Garcia

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Maria Albani

Bank of Greece ( email )

21 E. Venizelos Avenue
GR 102 50 Athens
Greece

Claudio Baccianti

Tilburg University - Tilburg University School of Economics and Management ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

Rodrigo Barrela

European Central Bank (ECB)

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Katalin Bodnár

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Maurice Bun

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

Jan De Mulder

National Bank of Belgium

Brussels, B-1000
Belgium

Beatriz Lopez

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Vincent Labhard

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Julien Le Roux

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Andrea Linarello

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Isabella Moder

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Kaspar Oja

Bank of Estonia

Estonia Building 13
15095 Tallinn
Estonia

Christian Ragacs

Oesterreichische Nationalbank (OeNB) ( email )

Otto-Wagner-Platz 3, PO Box 61
Vienna,
1010 Vienna, A-1011
Austria

Roehe Oke

Deutsche Bundesbank

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany

Ana Seco Justo

European Central Bank (ECB)

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Roberta Serafini

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ralph Setzer

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Irune Solera Lopez

Banco de España

Alcala 50
Madrid 28014
Spain

Juuso Vanhala

Bank of Finland ( email )

P.O. Box 160
Helsinki 00101
Finland

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