TAILIEUCHUNG - WORKING PAPER SERIES NO 804 / AUGUST 2007 GROWTH ACCOUNTING FOR THE EURO AREA A STRUCTURAL APPROACH

Prior to the US Securities Acts contractual uses of accounting ("stewardship") were considered the prime reasons for the calculation of accounting earnings. For example, Leake (1912, pp. 1-2) lists management's requirement to ascertain and distribute earnings according to the differential rights of the various classes of capital and profit sharing schemes as the leading two reasons for calculating earnings (other reasons given by Leake are income taxes and public utility regulation). Given contractual use was the prime reason for the calculation of earnings and earnings were used for contracting for many centuries, the theory of finn approach would begin the. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 804 I AUGUST 2007 GROWTH ACCOUNTING FOR THE EURO AREA A STRUCTURAL APPROACH by Tommaso Proietti and Alberto Musso EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 804 I AUGUST 2007 GROWTH ACCOUNTING FOR THE EURO AREA A STRUCTURAL APPROACH 1 by Tommaso Proietti 2 and Alberto Musso 3 ICE ECI EZI EKT EXP 90 euro ZU In 2007 all ECB publications feature a motif taken from the 20 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1006995. I We would like to thank several people for useful discussions and valuable comments including Gonzalo Camba-Mendez Marc-Andre Gosselin Neale Kennedy Geoff Kenny Hans-Joachim Klockers Gerard Korteweg and participants to an ECB seminar and the Workshop Perspectives on Potential Output and Productivity Growth Enghien-Les-Bain Paris 24-25 April 2006 organised by the Banque de France and the Bank of Canada. Section is based on a suggestion by Gonzalo Camba-Mendez. The views expressed in this paper do not necessarily reflect those of the European Central Bank. 2 e ME. Q University of Rome Tor Vergata Via Columbia 2 00I33 Rome Italy e-mail 3 Address for correspondence Directorate General Economics European Central Bank Kaiserstrasse 29 603II Frankfurt am Main Germany e-mail European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed in this paper do not .

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