Is the Uk Productivity Slowdown Unprecedented?

Crafts, Nicholas; Mills, Terence C.

doi:10.1017/nie.2020.6

Cited by 33 publications

(22 citation statements)

References 23 publications

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“…Understanding the extent to which cloud impacts firm performance is particularly relevant in light of evidence linking ICT to the recent slowdown of business dynamism, rising industry concentration and sluggish aggregate productivity growth (Crafts and Mills, 2020;Bajger et al 2020;Decker et al, 2016;Calvino et al, 2015). Previous empirical evidence suggests that more traditional digital technologies trigger dynamics that benefit a minority of leading frontier firms and widen disparities across firms (Calvino, Criscuolo and Menon, 2016;Brynjolfsson et al, 2008).…”

Section: Introductionmentioning

confidence: 99%

Cloud Computing and Firm Growth

DeStefano¹,

Kneller²,

Timmis³

2020

SSRN Journal

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Section: Introductionmentioning

confidence: 99%

Cloud Computing and Firm Growth

DeStefano¹,

Kneller²,

Timmis³

2020

SSRN Journal

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“… 1 A recent paper by Crafts and Mills (2020) conjectures that the UK productivity slowdown is unprecedented in the past 250 years and reflects a combination of adverse circumstances, namely, a financial crisis, a weakening impact of ICT and impending Brexit. …”

mentioning

confidence: 99%

Recessions and total factor productivity: Evidence from sectoral data

et al. 2021

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The recent COVID-19 crisis has generated a concern that productivity (which was already at historically low levels) may further decline. From a theoretical standpoint, the recessions-total factor productivity (TFP) nexus is ambiguous à priori . This paper empirically examines the dynamic impact of recessions on TFP. We compute a new measure of utilization-adjusted productivity from a sample of 24 industries in 18 advanced economies between 1970 and 2014. Resorting to the local projection method we trace out the dynamic short to medium-term impact of such recessionary shocks. We find that deep recessions lead to a permanent deterioration in the level of total factor productivity. This effect is driven by the increase in resource misallocation across different sectors.

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“…Having witnessed steady growth, comparable with our international competitors, over the decades before the financial crisis, UK labour productivity growth has seemingly lost its momentum. Indeed a recent paper (Crafts and Mills, 2020) argues that by some criteria "the slowdown [in productivity in the UK] is unprecedented in the past 250 years". Under the moniker 'the productivity puzzle', many hypotheses have been proposed as explanations for this 'puzzle'.…”

Section: Empirical Results: Regional Labour Productivitymentioning

confidence: 99%

Reconciled Estimates and Nowcasts of Regional Output in the Uk

Koop

McIntyre

Mitchell³

et al. 2020

NIER

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There is renewed interest in levelling up the regions of the UK. The combination of social and political discontent, and the sluggishness of key UK macroeconomic indicators like productivity growth, has led to increased interest in understanding the regional economies of the UK. In turn, this has led to more investment in economic statistics. Specifically, the Office for National Statistics (ONS) recently started to produce quarterly regional GDP data for the nine English regions and Wales that date back to 2012Q1. This complements existing real GVA data for the regions available from the ONS on an annual basis back to 1998; with the devolved administrations of Scotland and Northern Ireland producing their own quarterly output measures. In this paper we reconcile these two data sources along with UK quarterly output data that date back to 1970. This enables us to produce both more timely real terms estimates of quarterly economic growth in the regions of the UK and a new reconciled historical time-series of quarterly regional real output data from 1970. We explore a number of features of interest of these new data. This includes producing a new quarterly regional productivity series and commenting on the evolution of regional productivity growth in the UK.

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Is the Uk Productivity Slowdown Unprecedented?

Cited by 33 publications

References 23 publications

Cloud Computing and Firm Growth

Cloud Computing and Firm Growth

Recessions and total factor productivity: Evidence from sectoral data

Reconciled Estimates and Nowcasts of Regional Output in the Uk

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