Growth in Mature Economies: The Second CEPR-Modena Conference

Isabella Baldini, Kevin O'Rourke 09 March 2015

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In 2012, Lucrezia Reichlin, then CEPR Research Director, launched a new series of annual conferences to be held in Modena, whose aim was to promote new thinking on how to spur growth in mature economies: those already close to the technological frontier, and enjoying capital-labour ratios that are already high. While the question of how to stimulate such growth in the long run is an essentially supply side issue, the protracted nature of the Eurozone crisis, the possibility of labour market hysteresis, and recent worries about secular stagnation, all mean that demand side forces also belong on any such research agenda.

The second Modena conference was held in November 2013, and thanks to the great work of Isabella Rota Baldini, an eBook has just been published summarising the contributions and the discussions that followed. There are chapters focusing predominantly on the supply side (those on Italian growth, labour market reforms, Europe’s long run growth prospects); chapters reflecting the Eurozone crisis (those on European banking union in historical perspective, and the Eurozone adjustment process); and chapters giving a more international perspective (those on China, the developing world, fossil fuels, and protectionism). As always, the conference also included a policy panel discussion, featuring Massimo Mucchetti, President of the Italian Senate Industry Commission, and Enzo Moavero Milanesi, Minister of European Affairs.

CEPR is grateful to all the authors and discussants; to Graziella Bertocchi and Lucrezia Reichlin for organizing the conference; to Isabella Rota Baldini  for acting as rapporteur; to the Center for Economic Research (RECent) at the University of Modena Reggio Emilia for hosting the conference series; and to the Fondazione Cassa di Risparmio di Modena for their generous financial support.

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Topics:  Macroeconomic policy

Tags:  Growth in Mature Economies: The Second CEPR-Modena Conference

Editorial Coordinator, Link Tank

Chichele Professor of Economic History, All Souls College, University of Oxford; and Research Director, CEPR

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