15 This hypothesis would also help explain the faster labour productivity growth in the European Union until 1995 in spite of the high regulatory environment. especially in the long run. G. Nicoletti and S. Scarpetta (2003), “Regulation, productivity and growth,” Economic Policy, April, find that various measures of anticompetitive product market regulations significantly reduce TFP-growth at the industry level.
12  N. Bloom, R. Sadun and J. Van Reenen (2007), “Americans do I.T. better: U.S. multinationals and the productivity miracle,” NBER Working Paper No. 13085. 13  G. Nicoletti and S. Scarpetta (2005), “Regulation and economic performance: product market reforms and productivity in the OECD,” OECD Economics Department Working Paper No. 460. 14  E.g.