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To what extent is low interest rate environment driving labour productivity divergence between Euro Area countries?
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This paper studies the labour productivity divergence in the Euro Area by scrutinizing the link between the low interest rate environment, the widening productivity gap between periph-ery and core countries and the lower growth of the Monetary Union. It makes use of firm-level data to apply a mechanism rooted in the dynamic competition literature and to assess to what extent an unequal distribution of frontier and non-frontier firms across the Euro zone might be the reason why Southern countries are still lagging behind. The evidence presented suggests that low long-term interest rates might be enlarging their distance to the Euro frontier.
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Productivity Interest rate Euro Area Divergence