Potential output growth in several industrialised countries a comparison |
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Authors: | Christophe Cahn Arthur Saint-Guilhem |
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Institution: | (1) Department of Economics, College of William and Mary, P.O. Box 8795, Williamsburg, VA 23187-8795, USA |
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Abstract: | In this paper, we present international comparisons of potential output growth among several economies—Canada, the euro area,
France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States—for the period 1991–2004, for which
we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output
of the whole economy is described by a Cobb–Douglas function and Total Factor Productivity (TFP) is estimated allowing for
possible breaks in the deterministic trend. The results confirm that over the considered period the potential gross domestic
product growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour
contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic
performance over the recent period. |
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