{"id":50877,"date":"2023-12-01T17:30:52","date_gmt":"2023-12-01T16:30:52","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/the-united-states-euro-area-growth-gap-puzzle\/"},"modified":"2024-11-07T05:47:36","modified_gmt":"2024-11-07T04:47:36","slug":"the-united-states-euro-area-growth-gap-puzzle","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/50877\/","title":{"rendered":"The United States-Euro Area Growth Gap Puzzle"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-50877","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro area. The USA also recovered more rapidly and sustained from the crisis than the Euro area. Additionally, the specific Euro (debt) crisis of 2010 led to a double-dip recession in the Euro area, not joined by the USA. This divergent post-crisis development since then accumulated to a considerable growth gap between the USA and the Euro area. What are the factors behind this different performance? Would a more aggressive fiscal and\/or monetary policy in the Euro area have closed the growth gap? As our simulation exercises show: the answer is no. However, the unconventional monetary policy by the ECB since 2014-15 contributed to the most recent recovery in the Euro area. We identify the pivotal reason of Euro areas growth lagging behind the USA in the different experiences in the crises management. The USA has a long-lasting experience in handling financial crises. In historical comparison, the Euro area \u2013 the Economic and Monetary Union (EMU) of the EU \u2013 is still a \"teenager\". The crises revealed, that the legal basis of the institutional set-up of EMU and hence of the Euro area was not enough crises-proven. Rescue instruments had newly to be implemented. The global financial crisis was the first great shock which was badly absorbed by the still quite heterogeneous Euro countries. The Euro area, shattered by a succession of external (global financial crisis, Great Recession) and internal (Euro crisis) shocks, could therefore not unfold its growth potential in the last decade. If \u2013 hypothetically \u2013 the Euro area would have profited from the faster-growing production inputs (capital and labour) as in the USA, the growth gap could have been closed.","onlinedate":"2017-09-01 12:00:00","lang":"English","publication_series":"","publication_date":"20170901","publication_date_year":"","publication_date_full":false,"publication_num_pages":"39","keywords":"[\"Euro area\",\"European integration\",\"USA\",\"business cycles; economic growth\"]","jelcodes":"[\"E37\",\"E52\",\"E62\",\"F15\",\"P52\"]","related_publications":"[]","pdf":369516,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"541","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2017-09-01 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span> (2017). <span>The United States-Euro Area Growth Gap Puzzle<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (541). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60596\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60596<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span>. <span class=\\\"title\\\"><span>The United States-Euro Area Growth Gap Puzzle<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2017 Sept;(541).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{4821fff9e4764b32b237057e9c192152,<\\\/div><div>  title    = \\\"The United States-Euro Area Growth Gap Puzzle\\\",<\\\/div><div>  abstract = \\\"Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro area. The USA also recovered more rapidly and sustained from the crisis than the Euro area. Additionally, the specific Euro (debt) crisis of 2010 led to a double-dip recession in the Euro area, not joined by the USA. This divergent post-crisis development since then accumulated to a considerable growth gap between the USA and the Euro area. What are the factors behind this different performance? Would a more aggressive fiscal and\\\/or monetary policy in the Euro area have closed the growth gap? As our simulation exercises show: the answer is no. However, the unconventional monetary policy by the ECB since 2014-15 contributed to the most recent recovery in the Euro area. We identify the pivotal reason of Euro areas growth lagging behind the USA in the different experiences in the crises management. The USA has a long-lasting experience in handling financial crises. In historical comparison, the Euro area \u2013 the Economic and Monetary Union (EMU) of the EU \u2013 is still a {\\\"}teenager{\\\"}. The crises revealed, that the legal basis of the institutional set-up of EMU and hence of the Euro area was not enough crises-proven. Rescue instruments had newly to be implemented. The global financial crisis was the first great shock which was badly absorbed by the still quite heterogeneous Euro countries. The Euro area, shattered by a succession of external (global financial crisis, Great Recession) and internal (Euro crisis) shocks, could therefore not unfold its growth potential in the last decade. If \u2013 hypothetically \u2013 the Euro area would have profited from the faster-growing production inputs (capital and labour) as in the USA, the growth gap could have been closed.\\\",<\\\/div><div>  keywords = \\\"Euro area, European integration, USA, business cycles; economic growth, Euro area, European integration, USA, business cycles; economic growth\\\",<\\\/div><div>  author   = \\\"Fritz Breuss\\\",<\\\/div><div>  note     = \\\"United States-Euro Area Growth Gap\\\",<\\\/div><div>  year     = \\\"2017\\\",<\\\/div><div>  month    = sep,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - The United States-Euro Area Growth Gap Puzzle<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>N1  - United States-Euro Area Growth Gap<\\\/p><p>PY  - 2017\\\/9<\\\/p><p>Y1  - 2017\\\/9<\\\/p><p>N2  - Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro area. The USA also recovered more rapidly and sustained from the crisis than the Euro area. Additionally, the specific Euro (debt) crisis of 2010 led to a double-dip recession in the Euro area, not joined by the USA. This divergent post-crisis development since then accumulated to a considerable growth gap between the USA and the Euro area. What are the factors behind this different performance? Would a more aggressive fiscal and\\\/or monetary policy in the Euro area have closed the growth gap? As our simulation exercises show: the answer is no. However, the unconventional monetary policy by the ECB since 2014-15 contributed to the most recent recovery in the Euro area. We identify the pivotal reason of Euro areas growth lagging behind the USA in the different experiences in the crises management. The USA has a long-lasting experience in handling financial crises. In historical comparison, the Euro area \u2013 the Economic and Monetary Union (EMU) of the EU \u2013 is still a \\\"teenager\\\". The crises revealed, that the legal basis of the institutional set-up of EMU and hence of the Euro area was not enough crises-proven. Rescue instruments had newly to be implemented. The global financial crisis was the first great shock which was badly absorbed by the still quite heterogeneous Euro countries. The Euro area, shattered by a succession of external (global financial crisis, Great Recession) and internal (Euro crisis) shocks, could therefore not unfold its growth potential in the last decade. If \u2013 hypothetically \u2013 the Euro area would have profited from the faster-growing production inputs (capital and labour) as in the USA, the growth gap could have been closed.<\\\/p><p>AB  - Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro area. The USA also recovered more rapidly and sustained from the crisis than the Euro area. Additionally, the specific Euro (debt) crisis of 2010 led to a double-dip recession in the Euro area, not joined by the USA. This divergent post-crisis development since then accumulated to a considerable growth gap between the USA and the Euro area. What are the factors behind this different performance? Would a more aggressive fiscal and\\\/or monetary policy in the Euro area have closed the growth gap? As our simulation exercises show: the answer is no. However, the unconventional monetary policy by the ECB since 2014-15 contributed to the most recent recovery in the Euro area. We identify the pivotal reason of Euro areas growth lagging behind the USA in the different experiences in the crises management. The USA has a long-lasting experience in handling financial crises. In historical comparison, the Euro area \u2013 the Economic and Monetary Union (EMU) of the EU \u2013 is still a \\\"teenager\\\". The crises revealed, that the legal basis of the institutional set-up of EMU and hence of the Euro area was not enough crises-proven. Rescue instruments had newly to be implemented. The global financial crisis was the first great shock which was badly absorbed by the still quite heterogeneous Euro countries. The Euro area, shattered by a succession of external (global financial crisis, Great Recession) and internal (Euro crisis) shocks, could therefore not unfold its growth potential in the last decade. If \u2013 hypothetically \u2013 the Euro area would have profited from the faster-growing production inputs (capital and labour) as in the USA, the growth gap could have been closed.<\\\/p><p>KW  - Euro area<\\\/p><p>KW  - European integration<\\\/p><p>KW  - USA<\\\/p><p>KW  - business cycles; economic growth<\\\/p><p>KW  - Euro area<\\\/p><p>KW  - European integration<\\\/p><p>KW  - USA<\\\/p><p>KW  - business cycles; economic growth<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The United States-Euro Area Growth Gap Puzzle - 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