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Les infortunes de la vertu

Author

Listed:
  • Xavier Timbeau

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Hélène Baudchon

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Odile Chagny

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Centre Etudes & Prospective - Groupe ALPHA)

  • Valerie Chauvin

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Elena Stancanelli

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, IZA - Institute for the Study of Labor - Institute for the Study of Labor)

  • Guillaume Chevillon

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Gael Dupont

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Amel Falah
  • Eric Heyer

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Sabine Le Bayon

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Matthieu Lemoine

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Paola Veroni

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Mathieu Plane

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Christine Rifflart

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

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.

Suggested Citation

  • Xavier Timbeau & Hélène Baudchon & Odile Chagny & Valerie Chauvin & Elena Stancanelli & Guillaume Chevillon & Gael Dupont & Amel Falah & Eric Heyer & Sabine Le Bayon & Matthieu Lemoine & Catherine Mat, 2003. "Les infortunes de la vertu," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03458685, HAL.
    • Handle: RePEc:hal:cesptp:hal-03458685
    DOI: 10.3917/reof.087.0007
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03458685v1
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