Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/114060
Authors: 
Askenazy, Philippe
Erhel, Christine
Year of Publication: 
2015
Series/Report no.: 
IZA Discussion Papers 9188
Abstract: 
Since 2008, France experiences a sharp productivity slowdown. Both output per hour and total factor productivity are particularly deceptive in the market economy. This recent trend contrasts with the acceleration of productivity during the previous crisis in the 1990's and the continuous increase during the following decade. This text provides the first comprehensive exploration of this puzzling break. The direct impacts of the Great Recession on industry composition or reallocation of capital are not significant suspects for a slowdown occurring across business activities. Labour market mechanisms are better candidates. On the one hand, the French labour market policy has massively boosted the creation of low-productive jobs including very-short term employees and self-employed workers. On the other hand, firms, which benefit from massive tax cuts, have hoarded their high-skilled workforce. In addition, the spread of innovative HRM incentives, e.g. employee shareholding, seems to have turned productivity more sensitive to the business cycle (and especially to the fall of stock markets).
Subjects: 
productivity slowdown
France
labour market policies
recession
JEL: 
O40
J20
D20
E24
Document Type: 
Working Paper

Files in This Item:
File
Size
656.66 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.