On 18 June 2018, the Banque de France and the College de France have organized their second annual conference on productivity dynamics after the crisis. Most advanced economies experience a slowdown in productivity growth. In the United States, labor productivity has grown at an average 1.1% per year since 2005 whereas growth was twice larger from 1995 to 2004. In European countries, productivity growth continuously decreased since the 1980s and has averaged at less than 1% per year since 2005. This slowdown is not only due to cyclical fluctuation or to the consequences of the Great Recession. The disappointing gains from the ICT revolution in terms of productivity has fueled concerns that the age of great innovations which translated strongly to growth is now over. But on the other side of the spectrum, some argue that we are at the dawn of a new era of fast growth spurs by upcoming major technological changes: robotization, artificial intelligence, biotechnologies… To better understand what the future of productivity could be, it is therefore essential to understand its dynamics before, during and after the Great Recession and the role of its different drivers.
This conference introduced by Sylvie Goulard, brought together high-level academics, researchers from central banks and international organizations, such as P. Aghion and J. van Reenen, or S. Balsandze, S. Basu, G. Cette, R. Duval, J. G. Fernald, J. Jimeno, F. Manaresi, C. Lelarge, G. Nicoletti and R. Veugelers.
Welcome coffee – Registration
Introduction by Sylvie Goulard, deputy governor of the Banque de France
Session 1: Financial factors and productivity
Credit Supply and Productivity Growth
Monetary Policy, Product Market Deregulation and Intangible Investment:
Keynote: John Van Reenen (MIT)
Session 2: Innovation, TFP dynamics and the recovery
The Disappointing Recovery of Output after 2009
Patents to Products: Innovation and Firm Performance
Keynote: Philippe Aghion (Collège de France, LSE)
Session 3: Implications of technological change
From Secular Stagnation to Robocalypse? Implications of Demographic and Technological Changes
Decoding the digital-productivity nexus: industry-level evidence from OECD countries
Updated on: 07/12/2018 18:12