United States 2016

Special Features: Private sector productivity; Making growth more inclusive.

Bibliographic Details
Corporate Author:	Organisation for Economic Co-operation and Development, contributor (contributor)
Format:	eBook
Language:	Inglés
Published:	Paris : OECD Publishing [2016]
Series:	OECD Economic surveys (Series)
Subjects:	Economic history. United States > Economic conditions. United States > Economic policy.
See on Biblioteca Universitat Ramon Llull:	https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009704677506719

Table of Contents:

Intro
Table of contents
Basic Statistics of United States, 2015 or latest year available
Executive summary
The US economy has rebounded from the crisis
Productivity has slowed in most industries
Income inequality continues to increase
Assessment and recommendations
After the recovery, growth is likely to remain moderate
Figure 1. Output recovery has been weaker than after previous recessions, while the decline in the unemployment rate has been faster
Figure 2. Business fixed investment has recovered as output growth continues steadily
Figure 3. The exchange rate has appreciated sharply and export growth has slowed
Table 1. Macroeconomic indicators and projections
Box 1. Recession risks appear limited
Figure 4. Recession probabilities: real time and in-sample comparisons
Box 2. Low-probability vulnerabilities
Figure 5. Strong job gains and much lower unemployment rates
Figure 6. Price and wage inflation have remained stubbornly subdued
Box 3. Real-time uncertainty in assessing inflationary pressures
Figure 7. Real-time estimates of the US output gap can be misleading
An exit from unconventional monetary policy has started
Preserving financial stability requires introducing macro-prudential tools
Figure 8. Capital ratios exceed thresholds but risks remain
Table 2. Past OECD recommendations on monetary and financial policy
Figure 9. House price-to-rent ratios are broadly in line with historical trends
Figure 10. Household balance sheets have recovered from the crisis
The federal deficit has declined, making space for higher public investments
Figure 11. The budget deficit has fallen
Box 4. The proposed FY2017 budget
Box 5. Potential lessons from healthcare spending in OECD countries
Figure 12. Healthcare spending has slowed.
Table 3. Past OECD recommendations on fiscal policy
Figure 13. Public debt scenarios
Achieving stronger long-term growth
Investing in infrastructure
Figure 14. The growth of the government capital stock has slowed markedly
Figure 15. Infrastructure quality appears to have deteriorated overall
Figure 16. Fixed (wired) broadband penetration is around average and relatively slow
Unleashing productivity
Figure 17. Labour productivity growth has been weak recently
Figure 18. Aggregate corporate profits are hovering near post-war highs
Figure 19. Relative prices have fallen with productivity growth
Figure 20. Bankruptcy reform reduced filings and increased incorporation
Table 4. Past OECD recommendations on innovation
Box 6. Corporate tax reforms
Figure 21. Markets have become more concentrated, on balance
Figure 22. Licencing of occupations and regulation in services restrict business dynamism
Making growth more inclusive and sustainable
Figure 23. Income inequality has been trending upwards
Box 7. Well-being is high, but not for all
Figure 24. High, but unequal well-being
Improving opportunities for all
Table 5. Past OECD recommendations on education policy
Figure 25. Education performance has improved though skills remain weak on average
Figure 26. Student loans have become a much more important element of household debt
Boosting jobs
Figure 27. US labour-market participation has fallen
Table 6. Past OECD recommendations to improve work-life balance
Figure 28. The gender wage gap has declined over time, but remains comparatively high
Table 7. Gender inequalities are large
Figure 29. Wage gaps are large between population groups
Table 8. Past OECD recommendations on disability and health care reform
Figure 30. Employment rates are lower amongst blacks.
Table 9. Past OECD recommendations on business sector contribution to well-being
Figure 31. Health un-insurance has dropped since 2013
Meeting environmental challenges
Box 8. Economy-environment linkages in the United States
Figure 32. Contribution of domestic natural capital to output growth, 1991-2013 averages
Figure 33. Green growth indicators for the United States
Table 10. Past OECD recommendations on environmental sustainability and energy
Bibliography
Annex. Progress in structural reform
A. Recommendations on monetary and financial policy
B. Recommendations on fiscal policy
C. Recommendations on innovation
D. Recommendations on education policy
E. Recommendations on improving work-life balance
F. Recommendations on disability and health care reform
G. Recommendations on business sector contribution to well-being
H. Recommendations on environmental sustainability and energy
Thematic chapters
Chapter 1. Unleashing private sector productivity
Labour productivity has suffered a broad-based deceleration
Figure 1.1. Productivity has slowed in the USA and in the OECD as a whole
Figure 1.2. Capital deepening and multifactor productivity have held back U.S. productivity growth
Figure 1.3. The productivity slowdown is pervasive across industries
Box 1.1. Are shifts in industry composition slowing overall productivity?
Table 1.1. Contributions to slowdown in aggregate private business productivity by selected sectors and industries
Box 1.2. Can mismeasurement help account for the productivity slowdown?
The business investment climate
Figure 1.4. Capital formation has been broadly in line with overall activity
Figure 1.5. Lending conditions for businesses have been eased since the crisis, and uncertainty has subsided.
Figure 1.6. Despite a wide gap between returns on produced assets and borrowing costs, corporations are accumulating financial assets
The role of innovative activity
Figure 1.7. Innovative effort seems robust overall, but is shifting toward the private sector
Figure 1.8. The US ratio of overall R&D expenditures to GDP is somewhat above the OECD average
Figure 1.9. Efforts to speed patenting are paying off, but the process is still lengthy
Business dynamism and technological diffusion
Figure 1.10. The business sector is gradually becoming less dynamic
Figure 1.11. Increases in small business collateral requirements during the crisis have not been reversed
Figure 1.12. Bankruptcy reforms in 2005 reduced filings and increased the likelihood of incorporation
The role of market power
Figure 1.13. The share of non-labour compensation in aggregate income has risen
Figure 1.14. Foreign activities have helped boost profits by domestic corporations to record highs
Figure 1.15. Markets have become more concentrated, on balance
Figure 1.16. The link between an industry's productivity and its relative price has loosened
Figure 1.17. Merger and acquisition activity has been elevated over the past two decades
Box 1.3. Is intensifying market concentration contributing to higher mark-ups?
Figure 1.18. Price mark-ups and market concentration at the industry level
Table 1.2. Estimated Effects of Market Consolidation on the Mark-up
Table 1.3. Decomposition of the Estimated Mark-up Effect
Innovative management practises and productivity
Harnessing complementarities between business productivity and public infrastructure
Figure 1.19. Public capital formation has slowed to a crawl
Figure 1.20. Agglomeration benefits and city size
Recommendations for unleashing productivity growth
Bibliography.
Chapter 2. Realising and expanding opportunities
Figure 2.1. Labour quality is not rising fast enough to offset decelerating hours worked
Skills and opportunity
Raising attainment in compulsory education
Box 2.1. Inter-generation income mobility
Figure 2.2. Income inequality is pronounced in the United States
Figure 2.3. Intergenerational income mobility is comparatively low
Figure 2.4. Education performance has improved though skills remain weak on average
Figure 2.5. Educational performance is mixed across the US
Improving access to higher education and post-secondary training
Figure 2.6. Enrolment in higher education has risen
Figure 2.7. Wage premia for college are varied
Box 2.2. Student loans
Figure 2.8. Student loans have become a much more important element of household debt
Figure 2.9. Spending on active labour market programmes is comparatively low
Box 2.3. Activation policies in the OECD
Barriers to opportunity
Barriers to labour market fluidity
Figure 2.10. Labour market flows have diminished
Figure 2.11. Inter-state migration has been declining
Improving opportunities for women
Figure 2.12. Gains in female labour force participation have petered out
Box 2.4. Paid parental leave policies in the OECD and gender equality
Box 2.5. Female labour force participation and the role of family-friendly policies
Table 2.1. Probabilities of female labour force participation are boosted by more supportive family-friendly policies at the state level
Figure 2.13. The gender wage gap has declined over time, but remains comparatively high
Figure 2.14. Sex discrimination cases vary across the country
Figure 2.15. Women tend to work in lower paying sectors
Disability insurance as a barrier to employment
Box 2.6. Disability policies in OECD countries.
Figure 2.16. Disability rolls have risen substantialy.

United States 2016

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