|| This seminar is open ONLY to EUI members ||

Join us for the next event of the 'Finance in the Tuscan Hills' seminar series, where we host economist Dr Paul Fisher OBE.

Productivity growth has been slowing in most advanced countries for even longer than most research recognises. That slowdown is why the developed world has been experiencing unexpectedly weak economic growth, which has had a massive influence on economic and social welfare and, hence, on politics. However, there is no academic consensus as to why productivity growth has slowed, nor on what should be done in response.

The paper underlying this seminar advances the proposition that there is an explanation to be found in the natural, long-term process of deindustrialisation which explains most of what has been observed. The paper attempts to explain why most research does not reach the same - or any - conclusion: it has been looking over too short an horizon with the wrong tools. Policy makers and other vested interests do not want to accept the full implications of deindustrialisation because it requires significant change: in thinking, in measurement and in policy direction.  

Although the productivity slowdown is probably inevitable as measured, there is actually much that could be done (1) to boost near-term growth and (2) keep improving living standards in the long-run. The key is for policy makers to focus on the current and likely future structure of the economy, and to stop trying to recreate the 'glories of the past’.

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Dr Paul Fisher OBE is an economist who enjoyed a 26 year career at the Bank of England, including 5 years as a member of the Monetary Policy Committee and 2 years as Deputy Head of the Prudential Regulation Authority. Paul has since served in numerous roles, including as Chair of the London Bullion Market Association and on the Board of the UK Debt Management Office, alongside a portfolio career working on a broad range of topics including productivity growth, central banking, financial policy, tokenisation, precious metals, and climate change. He is a part-time professor of EUI teaching climate risks and sustainable finance, a visiting professor at three UK universities and a visiting fellow at others.

Here is the full list of affiliations.

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The FBF seminar series ‘Finance in the Tuscan Hills’ focuses on financial sector issues and aims to bring together researchers from across the EUI community, who share an interest in these subjects.