Π‘ΡΠ΄ΡΡΠΆΠ°Π½ΠΈΠ΅ΡΠΎ Π½Π΅ Π΅ Π½Π°Π»ΠΈΡΠ½ΠΎ Π½Π° Π±ΡΠ»Π³Π°ΡΡΠΊΠΈ Π΅Π·ΠΈΠΊ.
Hanna Freystatter
- 21 September 2021
- OCCASIONAL PAPER SERIES - No. 266Details
- Abstract
- The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent developments during the coronavirus (COVID-19) pandemic and their implications. Analysis of these key issues and variables is aimed at improving our understanding of the implications of digitalisation for monetary policy and its transmission. The degree of digital adoption differs across the euro area/EU, implying heterogeneous impacts, with most EU economies currently lagging behind the United States and Japan. Rising digitalisation has rendered price measurement more challenging, owing to, among other things, faster changes in products and product quality, but also new ways of price setting, e.g. dynamic or customised pricing, and services that were previously payable but are now βfreeβ. Despite the spread of digital technologies, aggregate productivity growth has decreased in most advanced economies since the 1970s. However, it is likely that without the spread of digital technologies the productivity slowdown would have been even more pronounced, and the recent acceleration in digitalisation is likely to boost future productivity gains from digitalisation. Digitalisation has spurred greater automation, with temporary labour market disruptions, albeit unevenly across sectors. The long-run employment effects of digitalisation can be benign, but its effects on wages and labour share depend on the structure of the economy and its labour market institutions. The pandemic has accelerated the use of teleworking: roughly every third job in the euro area/EU is teleworkable, although there are differences across countries. ...
- JEL Code
- E24 : Macroeconomics and Monetary EconomicsβConsumption, Saving, Production, Investment, Labor Markets, and Informal EconomyβEmployment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary EconomicsβPrices, Business Fluctuations, and CyclesβPrice Level, Inflation, Deflation
E32 : Macroeconomics and Monetary EconomicsβPrices, Business Fluctuations, and CyclesβBusiness Fluctuations, Cycles
O33 : Economic Development, Technological Change, and GrowthβTechnological Change, Research and Development, Intellectual Property RightsβTechnological Change: Choices and Consequences, Diffusion Processes
O57 : Economic Development, Technological Change, and GrowthβEconomywide Country StudiesβComparative Studies of Countries