This paper analyses the role of endogenous total factor productivity dynamics in explaining business cycle persistence as well as the missing (dis-)inflation and productivity puzzles in the euro area. We show by means of an estimated medium-scale DSGE model in which TFP evolves endogenously as the result of costly investment in R&D and technology adoption that the endogenous slowdown in total factor productivity can explain the depth and persistence of the output drop and the weak recovery following the double-dip recession in the euro area. Our results suggest that a decrease in R&D efficiency and innovation is key in explaining the pre-crisis euro area productivity slowdown, while as of 2008 a crises-induced drop in technology adoption constitutes the most important factor. We document a flattening of the Phillips curve relationship under the endogenous TFP mechanism, resulting from the interaction between inflation and productivity dynamics. The endogenous reaction in TFP dampens the inflation response over the business cycle and can thus help explain both the moderate fall in euro area inflation during its crises and its sluggish increase in the subsequent recovery.

本文分析了内生全要素生产率动态在解释商业周期持续性以及欧元区缺失的（通货膨胀）通货膨胀和生产率难题方面的作用。我们通过估计的中等规模DSGE模型表明，由于研发和技术采用方面的昂贵投资，TFP会内生地发展，全要素生产率的内生性放缓可以解释产出下降的深度和持续性以及复苏乏力。继欧元区两次探底衰退之后。我们的结果表明，研发效率和创新能力的下降是解释危机前欧元区生产率下降的关键，而自2008年起，危机导致的技术采用率下降是最重要的因素。我们记录了在内生TFP机制下菲利普斯曲线关系的展平，这是通货膨胀和生产力动态之间相互作用的结果。TFP的内生性反应抑制了整个经济周期中的通胀反应，因此既可以解释欧元区危机期间欧元区通胀的适度下降，又可以解释随后复苏中的缓慢增长。