Skip to Main content Skip to Navigation
Journal articles

Les infortunes de la vertu : Perspectives 2003-2004 pour l’économie mondiale

Abstract : In fall 2003, the global economic recovery is nigh, with the US and Asia leading, and the euro zone as a laggard. The transatlantic gap in GDP growth is partly caused by the differences in policy mixes : very expansionary in the US, moderately so in the euro area. Corporate balance sheets have improved, especially in the US. Investment financing is no longer constrained, yet, for it to recover, demand must improve — still a remote prospect in the euro area. By contrast, sustained US productivity gains in 2003 and 2004 keep boosting wages, which, in turn, help households to consume while reducing their debts. The lack of global inflationary pressures, due to negative output gaps, allows interest rates to stay low. At the end of 2004, GDP growth reaches 3 % in the US and 2 % in the euro zone.
Document type :
Journal articles
Complete list of metadata

https://hal-sciencespo.archives-ouvertes.fr/hal-03458685
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Tuesday, November 30, 2021 - 10:03:08 PM
Last modification on : Thursday, October 6, 2022 - 3:57:34 AM

File

2003-10-timbeau-les-infortunes...
Publisher files allowed on an open archive

Identifiers

Citation

Xavier Timbeau, Hélène Baudchon, Odile Chagny, Valerie Chauvin, Elena Stancanelli, et al.. Les infortunes de la vertu : Perspectives 2003-2004 pour l’économie mondiale. Revue de l'OFCE, Presses de Sciences Po, 2003, pp.7 - 98. ⟨10.3917/reof.087.0007⟩. ⟨hal-03458685⟩

Share

Metrics

Record views

3

Files downloads

5