| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP17321
|
| 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
|
| URL | https://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.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
