G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17321
DP17321 The UK Productivity “Puzzle” in an International Comparative Perspective
John Fernald; Robert Inklaar
发表日期2022-05-22
出版年2022
语种英语
摘要The UK’s slow productivity growth since 2007 has been referred to as a “puzzle”, as if it were a particularly UK-specific challenge. In this paper, we highlight how the United States and northern Europe experienced very similar slowdowns. The common slowdown in productivity growth was a slowdown in total factor productivity (TFP) growth; we find little evidence that capital deepening was an important independent factor. From a conditional-convergence perspective, most of the UK slowdown follows from the slowdown at the U.S. frontier. From the mid-1980s to 2007, the UK’s relative productivity level moved closer to the level of the U.S. and northern Europe, driven by essentially complete convergence in market services TFP. In contrast, manufacturing lost ground relative to the U.S. frontier prior to 2007, and remains far below the frontier. The relative ground lost after 2007 is modest—cumulating to about 4 percentage points—and is largely attributable to somewhat unfavorable industry weights and industry-specific issues in mining, rather than a systematic UK competitiveness problem.
主题Macroeconomics and Growth
关键词Productivity growth Great recession Convergence
URLhttps://cepr.org/publications/dp17321
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/546354
推荐引用方式
GB/T 7714
John Fernald,Robert Inklaar. DP17321 The UK Productivity “Puzzle” in an International Comparative Perspective. 2022.
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