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Opening remarks, Catherine Mann

Opening remarks by Catherine Mann

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Opening remarks, Catherine Mann

  1. 1. Opening Remarks Catherine L. Mann Chief Economist 1
  2. 2. 2 Welcome! Joint OECD-NBER conference Why new productivity research?  Informs New Approaches to Economic Challenges (NAEC)  Assesses productivity slowdown (ECO/STI project)  Highlights complexity and new dimensions (ENV, GOV)  Supports evidence-based policy advice
  3. 3. 3 Welcome! Joint OECD-NBER conference Why OECD-NBER?  Strengthens links with academic researchers  Highlights extensive OECD data  Provides broad canvas for research  Promotes complementary theory/empirical analysis
  4. 4. 4 The context: Productivity matters… to the size of the pie Contribution of production factors to GDP per capita Relative to the United States in 2011 Source: Johansson, et al., (2012), OECD Economics Department Working Papers, No. 1000.
  5. 5. 5 The context: Productivity matters… to the growth of the pie Source: Johansson, et al., (2012), OECD Economics Department Working Papers, No. 1000. Contribution to growth in GDP per capita (2000-2011)
  6. 6. 6 The Context: Raising Productivity… via factor augmentation and reallocation Y = A f ( K, L) Factor Augmentation:  K == investment vs. Knowledge Based Capital  L == labor vs. Human Capital (skills matching)  A == MFP (transformation) A (transformation—micro; reallocation—macro) Size of firm Role for trade in value added Potential transition costs
  7. 7. 7 The Context: Raising Productivity Factor Augmentation—K vs. KBC Knowledge-Based Capital and Spillover Effects Selected OECD Countries, 1995-2007 Note: Labour productivity growth can be decomposed into the contributions of capital deepening and MFP. The chart plots the contribution of KBC/tangible capital deepening to labour productivity growth against the growth rate in MFP. The correlations are robust to individually dropping outliers. Unlike in conventional growth accounting exercises, the MFP estimates are based on a value-added series that capitalises KBC. * denotes statistical significance at the 10% level. Source: Andrews and Criscuolo (2013), OECD Economics Department Working Paper Policy No. 1046, based on Corrado et al (2012).
  8. 8. 8 The Context: Raising Productivity Factor Reallocation—to the Most Productive Firms Notes: The estimates show the extent to which firms with higher than average labour productivity have larger employment shares for a set of representative countries from a larger cross-country sample. For example, productivity in the non-farm business sector in the US is around 50% higher due to the actual allocation of employment, compared to a baseline in which labour is allocated randomly across firms (AE=0). Source: Andrews, D and F. Cingano (2014), Economic Policy 29(78), pp. 253-296. Static allocative efficiency: contribution of the allocation of employment across firms to labour productivity; log points
  9. 9. 9 The Context: Raising Productivity Structural Environment – Entry and Exit Source: Andrews, D and F. Cingano (2014), Economic Policy 29(78), pp. 253-296. Static allocative efficiency in the manufacturing sector and cost of firm entry and exit
  10. 10. 10 New Challenge: Productivity Slowdown Really, why, and for how long?  Factor augmentation?  Factor reallocation?  Structural environment?  Global spillovers? New research to break out of the box  Productivity, reallocation, and income distribution  Productivity, allocation, and environmental sustainability  Productivity, technology, and organization change  Productivity, networks, and economic geography

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