Sector decomposition of labour productivity growth in the European Union

In the paper the results of the shift-share decomposition analysis of labour productivity growth in the European Union in 19970–2007 were presented. Making use of data from the EU-KLEMS and the GGDC Productivity Database, the role of productivity growth in 5 major economic sectors and of the employment shifts between these sectors for total productivity growth were analysed. Then, using the nonparametric method (LOWESS) dominant development patterns were distinguished. It was demonstrated that nearly 90% of productivity growth in the sample can be accounted to within effects and about 11% – to changes in employment structure. Employment shifts had on average a direction into more productive sectors, but also to less dynamic ones. Industry and services had the biggest contribution to productivity growth, on all development levels. Productivity dynamics is the highest on the lower development level of the economy. With development, it is becoming more and more difficult to enhance productivity – either by within effects or by changes in employment structure.W artykule zostały zaprezentowane wyniki analiz wzrostu wydajności pracy w 14 krajach Unii Europejskiej w latach 1970–2007, wykonanych techniką dekompozycji sektorowej shift-share. Przy wykorzystaniu danych z baz EU-KLEMS i GGDC Productivity Database zbadano rolę zmian wydajności pracy w 5 sektorach gospodarki oraz przesunięć w zatrudnieniu pomiędzy tymi sektorami dla dynamiki wydajności na całym obszarze gospodarczym. Następnie przy wykorzystaniu metody nieparametrycznej (ważonej regresji lokalnej) zostały wyszczególnione dominujące wzorce rozwojowe. Okazuje się, że średnio blisko 90% wzrostu wydajności pracy w badanej próbie można przypisać wewnątrzsektorowej dynamice wydajności, a ok. 11% zmianom w strukturze zatrudnienia. Przesunięcia pracowników przebiegały zazwyczaj w kierunku sektorów o wyższej wydajności, lecz o niższej stopie wzrostu tej zmiennej. Największy wkład do wzrostu wydajności, na każdym poziomie rozwoju gospodarczego, mają sektory przemysłu i usług rynkowych. Dynamika wydajności jest najwyższa na niskim poziomie rozwoju, a wraz z jej wzrostem coraz trudniejsze staje się odnoszenie korzyści – zarówno wewnątrzsektorowych, jak i tych wynikających ze zmian w strukturze zatrudnienia.Artykuł prezentuje wyniki badań realizowanych w ramach projektu „Konwergencja w krajach i regionach Unii Europejskiej”, sfinansowanego ze środków Narodowego Centrum Nauki przyznanych na podstawie decyzji nr DEC-2011/01/N/HS4/03077

Productivity convergence in manufacturing in the European Union : the role of economic structure

The article aims to empirically validate three questions. Have productivity differences in European manufacturing been increasing or diminishing and what has been the situation in Central and Eastern Europe countries? Are productivity differences homogenous over time and across manufacturing industries? What is the role of the internal structure of manufacturing for convergence? For this purpose, an analysis of σ- and β-convergence in 11 manufacturing industries has been conducted, making use of shift-share decomposition techniques. A complex view of catching-up is demonstrated with heterogeneity over time and across industries. Convergence occurred in Western Europe until approximately 1990, but since then disparities have been increasing and CEE countries were the only ones catching up. Convergence took place predominantly in medium-tech industries, while both low-tech and high-tech industries experienced divergence. Structural differences account for a minor share of the productivity disparities; however, changes in employment structures and productivity together led to the formation of two clubs of countries: low-tech, low productivity and high-tech, high productivity countries

On Pitfalls of Fetishization – to Whom do We Owe Technological Revolutions?

Celem artykułu jest przybliżenie argumentów pracy Marianny Mazzucato Przedsiębiorcze państwo, w kontekście dorobku ekonomii neoschumpeteriańskiej. Autorka ukazuje kluczową rolę instytucji państwa w kreowaniu przełomowych technologii i podważa przekonanie o innowacyjności jako wyłącznego przymiotu prywatnych przedsiębiorstw.The aim of the article is to present the arguments of the work of Marianna Mazzucato, The Entrepreneurial State, in the context of the neoschumpeterian economics. The author demonstrates the key role of state institutions in creating breakthrough technologies and undermines the conviction of innovativeness as an exclusive attribute of private enterprises

Poland : policies dealing with the inflation crisis

The aim of the national case study is to investigate the recent inflationary developments in Poland, against the background of tendencies present in the EMU economies. It provides insights into the structural aspects of inflation in Poland, as well as into its outcomes for growth prospects and income distribution. For this purpose, the main tendencies in nominal wages and corporate mark-ups, as well as the up-to-date strategies of the government and domestic trade unions are analysed. The study combines quantitative analysis with qualitative overview of pol-icy making and the activities of social partners, including the trade unions. First, we demonstrate that post-pandemic inflationary dynamics in Poland are similar to the CEE average, yet much higher than in the EMU. This can be attributed to the composition of the consumption basket, with a relatively high share of energy, food and transport expenses. There are also inflationary pressures from a strong expansion, as reflected in low unemployment, full capacity utilisation and exchange rate depreciation. Second, we identified strong redistributive effects of the inflation in Poland, as reflected in declining real wages and labour share in national income. We see extraordinarily high mark-ups and profits in the business sector, particularly in 2021. Finally, we identify the social dialogue in Poland as conflictual, with virtually no coordinated efforts to limit the rate of inflation. Under such conditions, government policies are of even higher importance. These focused primarily on mitigating the social costs of inflation for households, and mostly took form of economy-wide tax cuts and transfers

Inflation and counter-inflationary policy measures : the case of Poland

This report investigates recent inflationary developments in Poland, on the background of tendencies present in the EMU economies. It investigates structural aspects of inflation in Poland, and outcomes for growth and distribution. Tendencies in nominal wages and corporate markups, and current strategies of the government and trade unions are analyzed. First, we demonstrate that inflationary dynamics in Poland is similar to the CEE average, yet much higher than in the EMU. This due to a relatively high share of energy, food and transport expenses in consumption. There are also inflationary pressures from a strong expansion as reflected in low unemployment, full capacity utilization and exchange rate depreciation. Second, we identified strong redistributive effects of inflation in Poland, reflected in declining real wages and labour share in national in-come. We see extraordinarily high mark-ups and profits in the business sector, in particular in 2021. Finally, we identify the social dialogue in Poland as conflictual, with vir-tually no coordinated efforts to limit the rate of inflation. Under such conditions, government policies are of even higher importance. These focused primarily on mitigating the social costs of inflation for households, and mostly took form of economywide tax cuts and transfers

Euro area bank profitability and consolidation

Consolidation in the euro area banking sector has been slow since the end of the global financial crisis, despite the persistent weak bank profitability. The coronavirus (COVID-19) pandemic has reinforced profitability risks in the euro area banking sector, and coincided with worse performance of some banks, notably those burdened with legacy non-performing loans. Consolidation among banks may bring benefits from both a micro- and a macroprudential perspective by generating cost synergies, increasing revenue diversification and strengthening the resilience of the banking sector. However, it comes with attendant execution risks, which need to be properly managed by banks. Consolidation may give rise to competition concerns, although empirical evidence suggests that there is room for further domestic concentration in some euro area countries and for greater cross-border integration of the European banking market. Bank mergers also increase the systemic footprint of the resulting institutions, which might be addressed by the existing macroprudential and resolution frameworks. The European Central Bank assesses consolidation from a prudential perspective, focusing on the current and future ability of the combined bank to comply with prudential requirements. To this end, it published a Guide in January 2021 in which it clarified its expectations and approach to three key prudential issues arising in the context of consolidation: setting Pillar 2 capital requirements, treatment of badwill and use of internal models

Decreased number of regulatory T lymphocytes is related to inflammationand number of CD8+ T cells expressing programmed cell death protein-1 in common variable immunodeficiency

Common variable immunodeficiency (CVID) is a primary immunodeficiency disorder related to recurrent infections, as well as a range of non-infectious manifestations including autoimmune and inflammatory disorders. We hypothesized that patients with CVID and different clinical phenotypes would demonstrate alterations in lymphocyte T subsets, including T lymphocytes expressing programmed cell death protein 1 (PD-1), and regulatory T lymphocytes. We performed flow cytometry in two CVID groups: group 1 with infections only, and group 2 with infections and concomitant noninfectious manifestations. Patients were 18–59 years old (mean 35.8 years of age). Increased proportions of CD8+PD-1+ T cells and reduced regulatory T cells were associated with lymphadenopathy. Amount of regulatory T cells correlated with CD8+PD-1+ T lymphocytes (r = 0.54; p = 0.013), and with CRP (r = –0.64; p = 0.004). Forty percent of patients expressed manifestations in addition to infections (group 2), and they had reduction in number of regulatory T cells [8 (3-12) vs. 24 (11-26)/μl; p = 0.034), naive CD4+ T lymphocytes [36 (27-106) vs. 149 (81-283)/μl; p = 0.034], and elevated C-reactive protein (CRP) [5.33 (3.15-8.82) vs. 1 (1-2.16) mg/l; p = 0.003] in comparison to group 1. In conclusion, the amount of CD8+ T cells expressing PD-1 is associated with lymphadenopathy and number of regulatory T cells in patients with CVID. Patients with CVID and non-infectious complications have increased level of inflammation and alterations in regulatory T cells