UK labour productivity since the onset of the crisis — an international and historical perspective
AbstractUK labour productivity has been persistently weak since the onset of the recent financial crisis. This suggests that there is significant spare capacity within UK companies, but business surveys instead point to little spare capacity. This article aims to shed light on this puzzle by looking at cross-country and historical evidence. It finds that it has been unusual to see persistently weak labour productivity after previous financial crises in advanced economies. UK labour productivity stands out as being weak relative to historic episodes; it is also weak compared to other countries in the recent crisis. This weakness is concentrated in the energy and service sectors, suggesting the supply potential of the economy has grown more slowly than usual since the start of the crisis.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Bank of England in its journal Bank of England Quarterly Bulletin.
Volume (Year): 52 (2012)
Issue (Month): 2 ()
Contact details of provider:
Postal: Publications Group Bank of England Threadneedle Street London EC2R 8AH
Phone: +44 (0)171 601 4030
Fax: +44 (0)171 601 5196
Web page: http://www.bankofengland.co.uk/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Richard Disney & Jonathan Haskel & Ylva Heden, 2003.
"Restructuring and productivity growth in uk manufacturing,"
Royal Economic Society, vol. 113(489), pages 666-694, 07.
- Disney, Richard F & Haskel, Jonathan & Heden, Ylva, 2000. "Restructuring And Productivity Growth In UK Manufacturing," CEPR Discussion Papers 2463, C.E.P.R. Discussion Papers.
- Faccini, Renato & Hackworth, Christopher, 2010. "Changes in output, employment and wages during recessions in the United Kingdom," Bank of England Quarterly Bulletin, Bank of England, vol. 50(1), pages 43-50.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Blogs review: the UKâs output, employment and productivity puzzle
by ? in Bruegel blog on 2012-10-01 13:16:14
- Burgess, Stephen & Fernandez-Corugedo, Emilio & Groth, Charlotta & Harrison, Richard & Monti, Francesca & Theodoridis, Konstantinos & Waldron, Matt, 2013. "The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models," Bank of England working papers 471, Bank of England.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Publications Group).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.