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- W3178521769 abstract "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 inflation response following a recessionary shock and hence has important implications for both the negligible fall in inflation during the Great Recession, as well as the sluggish increase of inflation in the subsequent recovery." @default.
- W3178521769 created "2021-07-19" @default.
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- W3178521769 date "2020-05-01" @default.
- W3178521769 modified "2023-09-27" @default.
- W3178521769 title "Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area" @default.
- W3178521769 hasPublicationYear "2020" @default.
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