This paper investigates the role of sectoral reallocations in the divergence of productivity in Europe, based on a database for 33 sectors and 14 countries between 1995 and 2015. Using the contribution of sectoral productivity growth to Total Factor Productivity (TFP) dynamics at the country level, we highlight that variations in the relative size of sectors—less productive sectors growing relatively to more productive ones—have been at the origin of variable productivity losses in main European countries. Parallel to this divergence, European countries experienced heterogeneous real estate price dynamics, which took the form, in some economies, of massive boom-bust cycles. We investigate real estate shocks as a potential source of sectoral reallocations through a collateral mechanism. These shocks turn out to be a strong driver of productivity divergence between European countries.

本文基于 1995 年至 2015 年间 33 个部门和 14 个国家的数据库，调查了部门重新分配在欧洲生产率差异中的作用。利用部门生产率增长对国家层面全要素生产率 (TFP) 动态的贡献，我们强调部门相对规模的变化——生产率较低的部门相对于生产率较高的部门增长——是欧洲主要国家可变生产率损失的根源。在这种分歧的同时，欧洲国家经历了异质的房地产价格动态，在一些经济体中，这种动态表现为大规模的繁荣-萧条周期。我们通过抵押机制将房地产冲击作为部门重新分配的潜在来源进行调查。