101 research outputs found
Potential output growth in several industrialised countries: a comparison
In this paper, we present international comparisons of potential output growth among several economies -Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States- for the period 1991-2004, for which we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb-Douglas function and Total Factor Productivity (TFP) is estimated allowing for possible breaks in the deterministic trend. The results confirm that over the considered period the potential GDP growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic performance over the recent period.potential growth ; production function ; total factor productivity ; age of equipments
Potential output growth in several industrialised countries: a comparison
In this paper, we present international comparisons of potential output growth among several economies âCanada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United Statesâ for the period 1991-2004. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb-Douglas function. This framework enables us to take temporal considerations into account, depending on the assumed volatility of potential output. Moreover, this study presents two original features, in other words, the construction of consistent and homogenous capital stock series, and long-run estimates including capital-deepening effects based on a stable capital/output ratio in value terms, whereas standard estimations assume a stable ratio in volume terms. Lastly, we use univariate methods as a benchmark. Even though the final estimates are obviously sensitive to each method and the assumptions made for each of them, this paper might help to understand why some economies remained below their potential growth rate during the recent period by identifying the sources of long-run potential growth. JEL Classification: C51, E32, O11, O47age of equipments, potential growth, production function, total factor productivity
Issues on potential growth measurement and comparison: how structural is the production function approach?
This article aims to better understand the factors driving fluctuations in potential output measured by the production function approach (PFA.) To do so, the authors integrate a production function definition of potential output into a large-scale dynamic stochastic general equilibrium (DSGE) model in a fully consistent manner and give two estimated versions based on U.S. and euro-area data. The main contribution of this article is to provide a quantitative and comparative assessment of two approaches to potential output measurement, namely DSGE and PFA, in an integrated framework. The authors find that medium-term fluctuations in potential output measured by the PFA are likely to result from a large variety of shocks, real or nominal. These results suggest that international comparisons of potential growth using the PFA could lead to overstating the role of structural factors in explaining cross-country differences in potential output, while neglecting the fact that different economies are exposed to different shocks over time.Economic development ; Economic conditions
Competition, R&D and the cost of innovation
This paper proposes a model in the spirit of Aghion and al. (2005) that relates the magnitude of the impact of competition on R&D to the cost of innovation. The effect of competition on R&D is an inverted U-shape. However, the shape is flatter and competition policy is therefore less relevant for innovation when innovations are relatively costly. Intuitively, if innovations are costly for a firm, competitive shocks have to be significant to alter its innovation decisions. Empirical investigations using a unique panel dataset from the Banque de France show that an inverted U-shaped relationship can be clearly evidenced for the largest firms, but the curve becomes flatter when the relative cost of R&D increases. For large costs, the relationship even vanishes.competition ; R&D ; innovation
Potential output growth in several industrialised countries: a comparison
In this paper, we present international comparisons of potential output growth among several economies -Canada, the euro area, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, and the United States- for the period 1991-2004, for which we construct consistent and homogenous capital stock series. The main estimates rely on a structural approach where output of the whole economy is described by a Cobb-Douglas function and Total Factor Productivity (TFP) is estimated allowing for possible breaks in the deterministic trend. The results confirm that over the considered period the potential GDP growth has been faster in the United States than in other studied countries, reflecting a combination of higher labour contribution and faster TFP growth. Overall, this paper might help to shed some light on cross-country differences in economic performance over the recent period.Nous prÊsentons dans cet article une comparaison internationale de croissance potentielle entre plusieurs Êconomies - Canada, zone euro, France, Allemagne, Italie, Royaume-Uni et Etats-Unis- sur la pÊriode 1991-2004, pour lesquelles nous construisons des sÊries cohÊrentes et homogènes de stock de capital. Les principaux rÊsultats des estimations reposent sur une approche structurelle dans laquelle la production d'une Êconomie est dÊcrite par une fonction de production Cobb-Douglas et une productivitÊ globale des facteurs (PGF) estimÊe autour d'une tendance dÊterministe susceptible de prÊsenter des ruptures. Les rÊsultats confirment que sur la pÊriode d'investigation, la croissance potentielle a ÊtÊ plus rapide aux Etats-Unis que dans les autres Êconomies considÊrÊes, combinant une plus forte contribution de l'emploi et une croissance de la PGF plus rapide. De plus, ce papier permet de mettre en lumière des diffÊrences internationales de performance Êconomique sur la pÊriode rÊcente
Competition, R&D and the cost of innovation
This paper proposes a model in the spirit of Aghion and al. (2005) that relates the magnitude of the impact of competition on R&D to the cost of innovation. The effect of competition on R&D is an inverted U-shape. However, the shape is flatter and competition policy is therefore less relevant for innovation when innovations are relatively costly. Intuitively, if innovations are costly for a firm, competitive shocks have to be significant to alter its innovation decisions. Empirical investigations using a unique panel dataset from the Banque de France show that an inverted U-shaped relationship can be clearly evidenced for the largest firms, but the curve becomes flatter when the relative cost of R&D increases. For large costs, the relationship even vanishes.Ce papier propose un modèle dans l'esprit d'Aghion et al. (1995). Il relie la sensibilitÊ de la R&D à la concurrence, au coÝt des innovations. Plus les innovations sont coÝteuses, plus les chocs concurrentiels doivent être importants pour modifier le comportement des entreprises. L'exploitation empirique de donnÊes d'un vaste panel d'entreprises de la Banque de France conforte cet argument. Elle exhibe une relation en U-inversÊ entre concurrence et innovation pour les grandes entreprises mais cette relation est plus plate lorsque le coÝt d'innover relativement à la taille de l'entreprise augmente
Ludwig: A parallel Lattice-Boltzmann code for complex fluids
This paper describes `Ludwig', a versatile code for the simulation of
Lattice-Boltzmann (LB) models in 3-D on cubic lattices. In fact `Ludwig' is not
a single code, but a set of codes that share certain common routines, such as
I/O and communications. If `Ludwig' is used as intended, a variety of complex
fluid models with different equilibrium free energies are simple to code, so
that the user may concentrate on the physics of the problem, rather than on
parallel computing issues. Thus far, `Ludwig''s main application has been to
symmetric binary fluid mixtures. We first explain the philosophy and structure
of `Ludwig' which is argued to be a very effective way of developing large
codes for academic consortia. Next we elaborate on some parallel implementation
issues such as parallel I/O, and the use of MPI to achieve full portability and
good efficiency on both MPP and SMP systems. Finally, we describe how to
implement generic solid boundaries, and look in detail at the particular case
of a symmetric binary fluid mixture near a solid wall. We present a novel
scheme for the thermodynamically consistent simulation of wetting phenomena, in
the presence of static and moving solid boundaries, and check its performance.Comment: Submitted to Computer Physics Communication
Can the Provision of Long-Term Liquidity Help to Avoid a Credit Crunch? Evidence from the Eurosystem\u27s LTRO
Expansion parallax of the planetary nebula IC 418
In this paper, we present radio continuum observations of the planetary
nebula IC 418 obtained at two epochs separated by more than 20 years. These
data allow us to show that the angular expansion rate of the ionization front
in IC 418 is 5.8 1.5 mas yr. If the expansion velocity of the
ionization front is equal to the expansion velocity of the gas along the line
of sight as measured by optical spectroscopy, then the distance to IC 418 must
be 1.1 0.3 kpc. Recent theoretical predictions appropriate for the case
of IC 418, however, suggest that the ionization front may be expanding about
20% faster than the material. Under this assumption, the distance to IC 418
would increase to 1.3 0.4 kpc.Comment: Accepted in the Astronomical Journa
Strong Double Higgs Production at the LHC
The hierarchy problem and the electroweak data, together, provide a plausible
motivation for considering a light Higgs emerging as a pseudo-Goldstone boson
from a strongly-coupled sector. In that scenario, the rates for Higgs
production and decay differ significantly from those in the Standard Model.
However, one genuine strong coupling signature is the growth with energy of the
scattering amplitudes among the Goldstone bosons, the longitudinally polarized
vector bosons as well as the Higgs boson itself. The rate for double Higgs
production in vector boson fusion is thus enhanced with respect to its
negligible rate in the SM. We study that reaction in pp collisions, where the
production of two Higgs bosons at high pT is associated with the emission of
two forward jets. We concentrate on the decay mode hh -> WW^(*)WW^(*) and study
the semi-leptonic decay chains of the W's with 2, 3 or 4 leptons in the final
states. While the 3 lepton final states are the most relevant and can lead to a
3 sigma signal significance with 300 fb^{-1} collected at a 14 TeV LHC, the two
same-sign lepton final states provide complementary information. We also
comment on the prospects for improving the detectability of double Higgs
production at the foreseen LHC energy and luminosity upgrades.Comment: 54 pages, 26 figures. v2: typos corrected, a few comments and one
table added. Version published in JHE
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