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The productivity puzzle and misallocation: an Italian perspective
Economic Policy ( IF 3.844 ) Pub Date : 2018-09-21 , DOI: 10.1093/epolic/eiy014
Sara Calligaris 1 , Massimo Del Gatto 1 , Fadi Hassan 1 , Gianmarco I P Ottaviano 1 , Fabiano Schivardi 1
Affiliation  

Productivity has recently slowed down in many economies around the world. A crucial challenge in understanding what lies behind this “productivity puzzle” is the still short time span for which data can be analysed. An exception is Italy where productivity growth started to stagnate 25 years ago. Italy therefore offers an interesting case to investigate in search of broader lessons that may hold beyond local specific cities. We find that resource misallocation has played a sizeable role in slowing down Italian productivity growth. If misallocation had remained at its 1995 level, in 2013 Italy's aggregate productivity would have been 18% higher than its actual level. Misallocation has mainly risen within sectors than between them, increasing more in sectors where the world technological frontier has expanded faster. Relative specialization in those sectors explains the patterns of misallocation across geographical areas and firm size classes. The broader message is that an important part of the explanation of the productivity puzzle may lie in the rising difficulty of reallocating resources between firms in sectors where technology is changing faster rather than between sectors with different speeds of technological change

中文翻译:

生产力难题和分配不当:意大利的观点

最近,世界上许多经济体的生产率都下降了。理解“生产力难题”背后的一个关键挑战是仍然可以在很短的时间内分析数据。意大利是一个例外,生产力的增长在25年前开始停滞。因此,意大利提供了一个有趣的案例进行调查,以寻求可能在当地特定城市之外获得的更广泛的经验教训。我们发现资源分配不当在减缓意大利生产率增长中起了重要作用。如果分配错误率保持在1995年的水平,那么到2013年,意大利的总生产率将比其实际水平高18%。部门内部的错误分配主要是发生在各个部门之间,而不是部门之间,在世界技术前沿发展更快的部门中,分配错误的情况更多。这些部门的相对专业化解释了跨地理区域和公司规模类别的错误分配模式。更广泛的信息是,对生产率难题的解释的重要部分可能在于越来越难以在技术变化更快的部门之间的公司之间而不是在技术变化速度不同的部门之间重新分配资源。
更新日期:2018-09-21
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