GDP, Employment and Productivity in the Euro Area
Employment increased in the euro area during the first quarter (+ 1.4% annualized). The pace of job creations is solid. However, since the beginning of 2018, productivity has lost momentum…
Philippe Waechter's blog
The Macro 2 pagers – Low interest rates for a long time
The Macro 2 pager explains how the interest rates profile will remain low for an extended time. The central banks’ stimulus after the 2008 crisis has been caught up by an…
The UK low productivity momentum: the real issue
John van Reenen, a professor of economics at the Massachusets Institute of Technology, said if the UK could not boost productivity growth, wages would not increase, tax receipts would not…
Jobs and the machine
As long ago as 1984, in his Paths to Paradise, André Gorz, a self-proclaimed “revolutionary-reformist” stated, baldly, that the “micro-economic revolution heralds the abolition of work”. He even argued that…
Six major changes since the financial crisis – My Monday column
Developed countries’ economies were enjoying robust growth in the first half of 2008, despite some initial cracks that had been appearing since the previous summer. That was ten years ago,…
The new French president and growth at 1%
This is my weekly column for Forbes.fr. The French version is available here The new French president will have to deal with an economy that is growing at a spontaneous…
Mario Draghi and the technological change
In a recent speech, March the 13th, Mario Draghi the ECB president explains the link between monetary policy and technological changes perceived as sources of productivity improvements. This might at…
USA – Can a rebound be expected in the second quarter? Yes probably
After the strong downward revision of the GDP estimate for the first quarter, can a rebound be expected during the second quarter? The ISM survey can give part of the…