2001年-ECB欧洲央行_New_technologies_and_productivity_in_the_euro_area_12页_162kb

Summary of "New Technologies and Productivity in the Euro Area"

Core Content

This article examines the role of information and communication technologies (ICT) in driving productivity growth in the euro area and compares it with the United States. It discusses the importance of ICT as a potential general purpose technology (GPT) that could significantly enhance overall economic efficiency. However, the article highlights that while ICT has contributed to productivity growth, the evidence for broader, economy-wide spillover effects remains limited.

Main Points

• ICT and Productivity Growth:

  • ICT has made a notable contribution to productivity growth in the euro area, especially in the second half of the 1990s.
  • Productivity growth is often measured as output per hour worked, rather than per person employed, due to the influence of working hours on the former.
  • The article emphasizes that the increased contribution of ICT to productivity growth implies a potential upward shift in the estimates of potential output growth.

• Spillover Effects:

  • There is currently little evidence of positive spillover effects from ICT use to overall productivity growth in the euro area.
  • For ICT to be considered a GPT, it must lead to a more rapid increase in the overall efficiency of the economic process, which has not yet been observed in the euro area.

• Structural Reforms:

  • Structural reforms are crucial for maximizing the benefits of ICT.
  • These reforms include financial market liberalization, innovation-friendly policies, increased competition, and sound fiscal and monetary policies.

• Labour Productivity Trends:

  • In the United States, the second half of the 1990s saw a significant acceleration in productivity growth, partly due to ICT investment.
  • This growth was achieved alongside steady employment increases, which is a notable contrast to the euro area, where productivity growth did not accompany a clear rise in employment.

• ICT in the Euro Area:

  • ICT producing sectors in the euro area showed higher growth rates in real value added and labour productivity than other sectors.
  • However, these sectors are relatively small, accounting for less than 5% of total nominal value added.
  • The ICT using sectors, particularly in services, showed limited productivity gains, with some even experiencing near-zero growth.

Key Information

Table I: Decomposition of GDP per capita Growth (1990-2000)

Table 3: Sectoral Developments in the Euro Area (1991-1998)

Table 4: Sectoral Developments in the United States (1991-1998)

Conclusion

• While ICT has contributed positively to productivity growth in the euro area, particularly in the second half of the 1990s, the broader economic impact remains limited.
• The United States has seen more pronounced productivity gains from ICT, especially in the services sector, suggesting a stronger "New Economy" effect.
• The article underscores the importance of measurement accuracy, particularly with regard to quality adjustments and price deflators, in assessing the true impact of ICT on productivity.
• Structural reforms and supportive policies are essential for unlocking the full potential of ICT in the euro area.