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18th june 2018 - Productivity dynamics after the crisis

Banque de France and College de France organize their first yearly 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 will be introduced by F.Villeroy de Galhau, Governor of the Banque de France,  and will gather high-level academics, researchers from central banks and international organizations. Our two keynote speakers will be P.Aghion and J.van Reenen and the conference will also welcome S. Balsandze, S.Basu, G.Cette, R.Duval, J. G. Fernald, J. Jimeno, F.Manaresi, C. Lelarge, G. Nicoletti and R.Veugelers.