Past Event

Issues in productivity measurement

This Bruegel public event is organised in the framework of MICROPROD, a research project that aims to improve our understanding of productivity, its drivers and the way we measure it. Panellists and participants will take stock of the current challenges in productivity measurement, discuss the preliminary findings of the project and reflect on future research and policy priorities.

Date: December 4, 2019, 12:00 pm Topic: Innovation & Competition Policy

This Bruegel public event was organised in the framework of MICROPROD, a research project that aims to improve our understanding of productivity, its drivers and the way we measure it. It is the first of three policy dialogues we will hold over the next two years.

AUDIO AND VIDEO RECORDINGS

EVENT MATERIALS

Presentation by Filippo di Mauro

The ‘productivity paradox’ can be summarized by the fact that while European productivity growth is expected to be on the rise, boosted by technological advances, the global integration of firms, the rise of intangible assets, and other factors, the opposite trend is actually being observed in the data, with productivity growth having slowed down dramatically over the course of the past decade. This poses two fundamental questions. First, are we measuring productivity correctly? Second, what are the new drivers of productivity, especially in the context of the digital transformation?

Bruegel’s Deputy Director Maria Demertzis chaired a panel to discuss some of these issues related to productivity measurement, composed of Peter Bøegh Nielsen, Senior Adviser of Statistics Denmark, Alexandr Hobza, Head of Unit at the European Commission’s DG ECFIN, Lynda Sanderson, Economist at the OECD’s Science, Technology and Industry Division, and Filippo di Mauro, Work Package Leader in MICROPROD and Chairman of CompNet.

Filippo di Mauro kicked off the discussion by presenting some stylized facts related to the productivity paradox and the motivation behind the study of productivity. He noted the growing divergence in productivity growth between frontier firms and laggard firms, explaining that it is not well understood why technological progress is not spreading evenly between these firms. He concluded that there was a strong need for more and better data to understand these mechanisms, which is the aim of MICROPROD, a project launched by the European Commission to link and harmonize existing national Business Statistics Databases.

Lynda Sanderson responded to this by underlining the major challenges of creating comparable cross-country micro-level data, citing the differences in data coverage, variable availability and definitions, as well as issues with country-specific confidentiality restrictions. She discussed her own experience working on productivity data from New Zealand as well as on the OECD’s DynEmp and MultiProd projects.

Alexandr Hobza talked about the need for these types of data-driven projects in the context of policymaking. Based on the current stock of knowledge on productivity, there are no certain policy conclusions to break free from the productivity paradox, especially because of the major changes brought on by technological progress. As such, experimental projects like MultiProd and MICROPROD are essential to working at the frontier of scientific knowledge and improving policy.

Peter Nielsen described some EU legislation which already harmonizes European business statistics by outlining common definitions and measurements. However, the data which are currently available are aggregated, forcing the assumption of industry homogeneity. However, with newly available firm-level data, developed by projects such as MICROPROD, studying specific firm characteristics in relation to productivity will be far easier.

The panel then discussed ways in which to include intangible assets in productivity measurements and whether this could help explain the productivity paradox. Finally, they answered questions from the audience about ways in which to include measures of firm-specific human capital investment, setting European-wide standards for data measurements, characteristics of the MICROPROD database and how to create an indicator which could measure the integration of firms in Global Value Chains.

Notes by Aliénor Cameron

Schedule

Dec 4, 2019

12:00-13:00

Check-in and networking lunch

13:00-13:05

Opening remarks

Maria Demertzis, Deputy Director

13:05-13:15

Presentation of MICROPROD’s work on Firm-level Data and Productivity Measurement

Filippo di Mauro, Work Package Leader in MICROPROD and Chairman of CompNet

13:15-13:45

Panel discussion

Chair: Maria Demertzis, Deputy Director

Peter Bøegh Nielsen, Senior advisor, Statistics Denmark

Alexandr Hobza, Head of Unit, European Commission, DG ECFIN

Lynda Sanderson, Economist; Science, Technology and Industry Division, OECD

13:45-14:30

Q&A and Discussion with the audience

14:30

End

Speakers

Maria Demertzis

Deputy Director

Filippo di Mauro

Work Package Leader in MICROPROD and Chairman of CompNet

Alexandr Hobza

Head of Unit, European Commission, DG ECFIN

Peter Bøegh Nielsen

Senior advisor, Statistics Denmark

Lynda Sanderson

Economist; Science, Technology and Industry Division, OECD

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Katja Knezevic

katja.knezevic@bruegel.org

Read about event More on this topic

Past Event

Past Event

Improving regulatory policy formulation and institutional resilience in Europe

Are large differences in the resilience of individual economies related to differences in the quality of country-level institutions that shape the absorption and response to these shocks? At this event we'll discuss the evolution of labour markets, and the role of institutional design and good process.

Speakers: Arup Banerji, Maria Demertzis, J. Scott Marcus, Céline Kauffmann and Rogier van den Brink Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 13, 2019
Read about event More on this topic

Past Event

Past Event

Eurozone agreement: a mini revolution?

What does the new Eurozone budget do, and what does it not do? What are its strengths and weaknesses?

Speakers: Bruno Le Maire and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 8, 2019
Read about event More on this topic

Past Event

Past Event

Tech-enabled payment processes: policy implications of new developments

What challenges does a shift towards new payment processes imply for EU financial services policy?

Speakers: Rebecca Christie, Etienne Goosse, Chirag Patel, Jörn-Jakob Röber, Johannes Vermeire and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 25, 2019
Read about event More on this topic

Past Event

Past Event

How comprehensive is the EU political realignment?

Has the left-right divide become obsolete in EU politics?

Speakers: David Amiel, Otilia Dhand, Nicolas Véron and Silke Wettach Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 25, 2019
Read about event More on this topic

Past Event

Past Event

China’s investment in Africa: consequences for Europe

How is Chinese investment impacting Africa, and what could be the consequences for Europe?

Speakers: Solange Chatelard, Maria Demertzis, Alicia García-Herrero, Abraham Liu and Estelle Youssouffa Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 24, 2019
Read about event More on this topic

Past Event

Past Event

Financial inclusion of SMEs for growth and job creation

How can increased access to finance benefit SMEs? What reforms are needed to encourage SME financial inclusion?

Speakers: Jihad Azour, Bruno Balvanera, Zsolt Darvas, Barbara Marchitto, Anta Ndoye and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 21, 2019
Read about event More on this topic

Past Event

Past Event

Sound at last? Assessing a decade of financial regulation

What has changed since the financial crisis of 2008 that makes the financial system sound at last? Is regulatory reform going in the right direction? Has it run its course? 

Speakers: Patrick Bolton, Rebecca Christie, Maria Demertzis, Mathias Dewatripont and Xavier Vives Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 20, 2019
Read about event More on this topic

Past Event

Past Event

What reforms for Europe's Monetary Union: a view from Spain

How is a successful European Monetary Union still possible in today's ever-shifting political landscape? What reforms need to occur in order to guarantee success of cohesive policies?

Speakers: Fernando Fernández, José Carlos García de Quevedo, Gabriele Giudice, Inês Goncalves Raposo, Javier Méndez Llera and Isabel Riaño Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 19, 2019
Read about event More on this topic

Past Event

Past Event

Role of national structural reforms in enhancing resilience in the Euro Area

At this event Gita Gopinath, Chief Economist at the IMF will discuss the role of national structural reforms in enhancing resilience in the Euro Area.

Speakers: Shekhar Aiyar, Maria Demertzis, Romain Duval, Gita Gopinath and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 17, 2019
Read about event More on this topic

Past Event

Past Event

Past, present, and future EU trade policy: a conversation with Commissioner Malmström

What was trade policy during the last European Commission? What will be the future of European trade under the next Commission?

Speakers: Cecilia Malmström, André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 13, 2019
Read about event More on this topic

Past Event

Past Event

EU-LAC Economic Forum 2019: New perspectives in turbulent times

The third edition of the EU-LAC Economic Forum.

Speakers: Diego Acosta Arcarazo, Ignacio Corlazzoli, Maria Demertzis, Mauricio Escanero Figueroa, Alicia García-Herrero, Carmen González Enríquez, Bert Hoffmann, Edita Hrdá, Matthias Jorgensen, Juan Jung, Tobias Lenz, Carlos Malamud, J. Scott Marcus, Elena Pisonero, Belén Romana and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 11, 2019
Read about event More on this topic

Past Event

Past Event

The Ukrainian economy: the way forward after a year of political turbulence

What can Ukraine do to foster economic growth? How can the EU and other international partners help Ukraine with this process?

Speakers: Olena Carbou, Marek Dabrowski, Elena Flores, Ivan Miklos and Hlib Vyshlinsky Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 28, 2019
Load more posts