Capital quality improvement and the sources of economic growth in the Euro area

April 20, 2005

Fostering growth is a top policy objective, and the new European Commission President has made "jobs and growth" his top priority. In Capital Quality Improvement and the Sources of Economic Growth in the Euro Area, Plutarchos Sakellaris and Focco Vijselaar evaluate the sources and speed of European growth adjusting the prices of new capital goods to reflect the improvement in quality embodied in them. They find that quality-adjusting Euroland's GDP data implies an even more pronounced slowdown in output growth in the 1990s, and that Europe's lacklustre technological progress seems to be responsible for even more of the EU's inferior growth performance.

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Editors: Georges de Ménil, Professor of Economics at the Ecole des Hautes Etudes en Sciences Sociales in Paris and Visiting Professor, New York University Stern School of Business; Richard Portes, Professor of Economics at London Business School and President of the Centre for Economic Policy Research; Hans-Werner Sinn, Director of the Centre for Economic Studies and Professor of Economics and Public Finance at Munich University; Richard Baldwin, Professor of International Economics at the Graduate Institute of International Studies, Geneva. Giuseppe Bertola, Professor of Economics and Politics, University of Turin ; Paul Seabright, Professor of Economics at the Université des Sciences Sociales de Toulouse and Director of Research at the Institut d'Economie Industrielle.

"Capital Quality Improvement and the Sources of Economic Growth in the Euro Area", by Plutarchos Sakellaris and Focco Vijselaar
(Published in Economic Policy, Volume 20 , Issue 42)

Economic Policy
ISSN: 0266-4658 - Volume 20 - 2005
Published Quarterly

Blackwell Publishing Ltd.

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