In this period of high uncertainty about future economic growth, we have developed a growth projection tool for 13 advanced countries and the euro area at the 2100 horizon. This high uncertainty is reflected in the debate on the possibility of a ‘secular stagnation', fuelled by the short-lived...

ICT components, such as microprocessors, may be embodied in other capital goods not recorded as ICT in National Accounts. We name ‘indirect ICT investment' the value of embodied ICT components in non-ICT investment. The paper provides estimates of ‘indirect ICT investment' based on detailed...

This analysis proposes new measures of rent creation or (notional) mark-up and workers' share of rents on cross-country-industry panel data. While the usual measures of mark-up rate implicitly assume perfect labor markets, our approach relaxes this assumption, and takes into account that part of...

In this paper, we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market,...

The advent and spread of information and communication technologies (ICTs) increase potential output growth. It is uncertain to what extent and for how long they do so. We use the term "new economy" (NE) to describe the acceleration in potential output growth and the attendant and partly...

Economic theory often assumes that the opportunity costs of having a child and financial constraints have a simultaneous but opposite influence on fertility. This empirical paper aims to test the concomitance of these effects using the answers to an original survey carried out in 2003 amongst...

Hourly labour productivity levels in a number of European countries are thought to be very close to, or possibly even higher than the level 'observed' in the United States. At the same time, however, there are big differentials between hours worked and/or employment rates in these countries and...

Estimating returns to hours worked and the employment rate provides us with an original interpretation of changes in US productivity and other industrialized countries' catch-up with US productivity levels over recent decades

Numerous economic studies have highlighted that ICT investment expenditure appears to be greater in the field of services, and above all in certain activities such as financial services and wholesale trade, than in industry. This analysis examines whether the investment data compiled by national...

We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical...