The aim of this paper is to study the long-run cointegrating relationship of TFP in a panel of five large European economies, namely France, Germany, Italy, Spain, and UK. We test whether TFP is determined by the so-called “capital misallocation effects, scale effects, and labor market effects”. By considering aggregate data, over the period 1983–2017, we employ dynamic panel cointegration techniques to identify the long-run component of TFP . We get two main results. First, the interest rate, the real compensation and the real exchange rate have a positive impact on TFP. Then, the incidence of temporary employment (a proxy of labor market flexibility) has a negative effect on TFP . Moreover, for robustness, we run a panel VECM to check for causalities among the variables. Notably, this further excercise confirms the existence of a strong and positive long-run relationship between TFP and prices. We conclude that coordinated policies on the issue of interest rate, exchange rate, labour cost and regulation, may allow to reassemble the productivity slowdown puzzle and strengthen the European economic structure.

中文翻译：

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是什么推动了五个欧洲大型经济体的 TFP 长期动态？

本文的目的是研究法国、德国、意大利、西班牙和英国五个欧洲大型经济体的 TFP 的长期协整关系。我们检验 TFP 是否由所谓的“资本错配效应、规模效应和劳动力市场效应”决定。通过考虑汇总数据，在 1983-2017 年期间，我们采用动态面板协整技术来识别 TFP 的长期组成部分。我们得到两个主要结果。首先，利率、实际薪酬和实际汇率对 TFP 有正向影响。然后，临时就业的发生率（劳动力市场灵活性的代表）对 TFP 有负面影响。此外，为了稳健性，我们运行一个面板 VECM 来检查变量之间的因果关系。尤其，这种进一步的练习证实了 TFP 和价格之间存在一种强有力的、积极的长期关系。我们得出结论，在利率、汇率、劳动力成本和监管问题上的协调政策可能有助于重新组装生产率放缓的难题并加强欧洲经济结构。