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Pedro Neves

21 September 2021
OCCASIONAL PAPER SERIES - No. 266
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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 “free”. 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 Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
O57 : Economic Development, Technological Change, and Growth→Economywide Country Studies→Comparative Studies of Countries
23 June 2021
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 4, 2021
Details
Abstract
This box documents the impact of the coronavirus (COVID-19) crisis on the euro area labour market for men and women. Based on available data up to the end of 2020, the COVID-19 crisis led to a decline in the labour force, a fall in employment and an increase in unemployment, with different developments for men and women across time. Preliminary evidence suggests that workers from both genders benefited from the widespread use of job retention schemes. Still, the decline in average hours worked was somewhat more pronounced for men than for women. The reasons behind the decline in average hours worked differed across gender, with the decline in average hours worked for men driven in part by a decrease in contractual hours and for both men and women by ad hoc reductions in hours worked. This, in turn, increased the gap between the actual hours worked and the contractual hours of work. These developments can also be attributed to the asymmetric sectoral impact of the COVID-19 crisis. Overall, the available evidence suggests that both men and women were strongly affected by the impact of the COVID-19 crisis on the euro area labour market.
JEL Code
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
J11 : Labor and Demographic Economics→Demographic Economics→Demographic Trends, Macroeconomic Effects, and Forecasts
J16 : Labor and Demographic Economics→Demographic Economics→Economics of Gender, Non-labor Discrimination
J21 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure