February 2020

Post n°153

Falling growth and rising rents in the United States

Published on 02/28/2020

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By Antonin Bergeaud

The United States has undergone significant macroeconomic changes over the past 30 years. Economic growth has been on a downward trend (except between 1995-2005), the labour share fell sharply in the late 1990s and sectoral concentration has increased to particularly high levels. These profound changes have been driven by the spread of information and communication technologies that have radically altered the structure of the market.

Source: Aghion et al. (2019). Note: Productivity trends in different sectors in the United States: IT producing, IT-intensive and other sectors.
Chart 1a: Productivity gains and information and communication technologies (in %) Source: Aghion et al. (2019). Note: Productivity trends in different sectors in the United States: IT producing, IT-intensive and other sectors.
Updated on 02/28/2020 15:46
Post n°152

Responsible investment labels in France: taking stock

Published on 02/13/2020

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By Emilie Candus and Jean-Luc Le Goff

2019 saw very significant growth in labelled funds. With subscription rates higher than the industry average and broadly comparable levels of performance, the label is proving to be a factor of attractiveness for investors. However, the success of the labels is uneven and their penetration in the landscape of French collective investment management remains limited. Further educational and promotional efforts are still needed to step up the distribution of these products among savers.

Chart 1. Labelled funds accounted for only 7% of the French collective investment management market in 2019
Chart 1. Labelled funds accounted for only 7% of the French collective investment management market in 2019 Sources: Association française de la gestion financière (AFG – the French Asset Management Association), Banque de France and the French Ministries for the Economy and for Ecological Transition. Note: Estimate of the responsible investment collective man
Updated on 02/13/2020 14:55
Post n°151

Monetary policy and inequality: where do we stand?

Published on 02/04/2020

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By Erwan Gautier, Adrian Penalver, Frédérique Savignac

Over the cycle, monetary policy can be redistributional. Lower interest rates boost asset prices and lower borrowing costs but also increase employment and wages. But in the long run, monetary policy does not have systematic distributional effects; intergenerational transfers, globalisation, taxes and technological changes are the key fundamental drivers of inequality.

Chart 1: Wealth and income concentration at the top of the distribution in France and in the United States
Chart 1: Wealth and income concentration at the top of the distribution in France and in the United States Sources: Garbinti, Goupille and Piketty (2016), Piketty, Saez, and Zucman, (2016), wid.word. Note: Pre-tax national income share held by the Top 1%; net personal wealth share held by the Top 1%.
Updated on 02/04/2020 15:08