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  1. The impact of the COVID-19 pandemic and policy support on productivity
    a report of the ESCB Expert Group on productivity, innovation and technological change
    Author: Anastasatu, Marianthē; Anyfantaki, Sofia; Benkovskis, Konstantins; Bergeaud, Antonin; Bun, Maurice; Bunel, Simon; Colciago, Andrea; De Mulder, Jan; Fantino, Davide; González López-Valcárcel, Beatriz; Havel, Jiri; Jarvis, Valerie; Khametshin, Dmitry; Kolaiti, Tetie; Krasnopjorovs, Olegs; Lebastard, Laura; López-García, Paloma; Martins, Fernando; Meinen, Philipp; Meriküll, Jaanika; Parker, Miles; Raos, Josip; Serafini, Roberta; Šelebaj, Domagoj; Szörfi, Béla; Vaňko, Milan; Vanhala, Juuso; Volk, Matjaz
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the short-term and long-term consequences of the COVID-19 pandemic for productivity in Europe. Aggregate and sectoral evidence is complemented by firm-level data-based findings obtained from a large microdistributed exercise.... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper studies the short-term and long-term consequences of the COVID-19 pandemic for productivity in Europe. Aggregate and sectoral evidence is complemented by firm-level data-based findings obtained from a large microdistributed exercise. Productivity trends during the COVID-19 pandemic differed from past trends. Labour productivity per hour worked temporarily increased, while productivity per employee declined across sectors given the widespread use of job retention schemes. The extensive margin of productivity growth was muted to some degree by the policy support granted to firms. Firm entries declined while firm exits increased much less than during previous crises. The pandemic had a significant impact on the intensive margin of productivity growth and led to a temporary drop in within-firm productivity per employee and increased reallocation. Job reallocation was productivity-enhancing but subdued compared to the Great Recession. As confirmed by a granular data analysis of the distribution of employment subsidies and loan guarantees and moratoria, job reallocation and also debt distribution and "zombie firm" prevalence were not significantly affected by the COVID-19 policy support. The pandemic and related lockdowns accelerated changes in consumer preferences and working habits with potential long-term effects. Generous government support muted the surge in unemployment and reduced permanent scarring effects.

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Contributor: Lalinsky, Tibor (HerausgeberIn)
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964098
    Other identifier:
    Series: Occasional paper series / European Central Bank ; No 341
    Subjects: labour productivity; productivity-enhancing reallocation; COVID-19,adjustment of firms; government support; cross-country analysis; micro-distributedexercise; Europe
    Scope: 1 Online-Ressource (circa 105 Seiten), Illustrationen
  2. The impact of the COVID-19 pandemic and policy support on productivity
    a report of the ESCB Expert Group on productivity, innovation and technological change
    Author: Anastasatu, Marianthē; Anyfantaki, Sofia; Benkovskis, Konstantins; Bergeaud, Antonin; Bun, Maurice; Bunel, Simon; Colciago, Andrea; De Mulder, Jan; Fantino, Davide; González López-Valcárcel, Beatriz; Havel, Jiri; Jarvis, Valerie; Khametshin, Dmitry; Kolaiti, Tetie; Krasnopjorovs, Olegs; Lebastard, Laura; López-García, Paloma; Martins, Fernando; Meinen, Philipp; Meriküll, Jaanika; Parker, Miles; Raos, Josip; Serafini, Roberta; Šelebaj, Domagoj; Szörfi, Béla; Vaňko, Milan; Vanhala, Juuso; Volk, Matjaz
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the short-term and long-term consequences of the COVID-19 pandemic for productivity in Europe. Aggregate and sectoral evidence is complemented by firm-level data-based findings obtained from a large microdistributed exercise.... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper studies the short-term and long-term consequences of the COVID-19 pandemic for productivity in Europe. Aggregate and sectoral evidence is complemented by firm-level data-based findings obtained from a large microdistributed exercise. Productivity trends during the COVID-19 pandemic differed from past trends. Labour productivity per hour worked temporarily increased, while productivity per employee declined across sectors given the widespread use of job retention schemes. The extensive margin of productivity growth was muted to some degree by the policy support granted to firms. Firm entries declined while firm exits increased much less than during previous crises. The pandemic had a significant impact on the intensive margin of productivity growth and led to a temporary drop in within-firm productivity per employee and increased reallocation. Job reallocation was productivity-enhancing but subdued compared to the Great Recession. As confirmed by a granular data analysis of the distribution of employment subsidies and loan guarantees and moratoria, job reallocation and also debt distribution and "zombie firm" prevalence were not significantly affected by the COVID-19 policy support. The pandemic and related lockdowns accelerated changes in consumer preferences and working habits with potential long-term effects. Generous government support muted the surge in unemployment and reduced permanent scarring effects.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Contributor: Lalinsky, Tibor (HerausgeberIn)
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964098
    Other identifier:
    hdl: 10419/299568
    Series: Occasional paper series / European Central Bank ; No 341
    Subjects: labour productivity; productivity-enhancing reallocation; COVID-19; adjustment of firms; government support; cross-country analysis; micro-distributed exercise; Europe
    Scope: 1 Online-Ressource (circa 105 Seiten), Illustrationen