Month: December 2024

On December 16, 10:00 – 15:40, Bank of Lithuania is organising the Annual Economics Conference: Pillars of Resilience Amid Global Geopolitical Shifts. The event will be broadcast online.

The year 2025 will mark the 10th anniversary of the euro introduction in Lithuania. Lietuvos bankas dedicates its Annual Economics Conference to commemorate this occasion. The central theme of the conference, “Pillars of Resilience Amid Global Geopolitical Shifts”, is an invitation to reflect on the critical challenges facing Europe today and the actions necessary to cope with them.

During this conference we will discuss the role of the European integration in strengthening Europe’s economic potential and resilience as well as address a broader range of related topics, including response to geopolitical fragmentation and its economic effects, enhancing strategic autonomy, and upscaling of our industrial capacity (including defence).

Program: https://www.lb.lt/en/events/annual-economics-conference-pillars-of-resilience-amid-global-geopolitical-shifts

You are kindly invited to attend the Eesti Pankʼs research seminar in Webex on 12 December at 10:30 am. During this seminar, Timo Kuosmanen (University of Turku) will present on “Can omitted carbon abatement explain productivity stagnation?”. 

Explaining the secular stagnation of productivity growth is a widely recognized challenge to economists and policymakers. One potentially important explanation without much attention concerns the ongoing low-carbon transition. This paper explores whether considering greenhouse gas emissions can explain productivity stagnation in OECD countries. We propose a quantile shadow-price Fisher index to gauge green total factor productivity (TFP) based on the newly developed penalized convex quantile regression approach. The quantile shadow-price Fisher index requires neither the real price data nor an ad hoc choice of quantiles and allows the quantiles to move in the inter-period sample. An empirical application to 38 OECD countries during 1990–2019 demonstrates that the measured productivity growth is considerably higher when the GHG emissions are accounted for. For countries that have reduced GHG emissions most actively, the average green TFP growth rate could double the conventional TFP growth. The impacts of ignoring human capital and different representations of fixed capital on green TFP growth are also discussed explicitly.

Co-authors of the paper:
Sheng Dai (Zhongnan University of Economics and Law, China) and Xun Zhou (University of Surrey, UK)

Meeting information in Webex:
https://eestipank.webex.com/eestipank/j.php?MTID=m64ea603f7669f1e848a11885dabdee5c

Meeting number: 2744 166 2483
Password: UZrszPT2k63 (89779782, from phones and video systems)