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UK labour productivity since the onset of the crisis — an international and historical perspective

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  • Hughes, Abigail

    ()
    (Bank of England)

  • Saleheen, Jumana

    ()
    (Bank of England)

Abstract

UK 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.

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Bibliographic Info

Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

Volume (Year): 52 (2012)
Issue (Month): 2 ()
Pages: 138-146

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Handle: RePEc:boe:qbullt:0077

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  1. 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.
  2. 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.
  3. 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.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Blogs review: the UK’s output, employment and productivity puzzle
    by ? in Bruegel blog on 2012-10-01 13:16:14
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Cited by:
  1. Barnett, Alina & Batten, Sandra & Chiu, Adrian & Franklin, Jeremy & Sebastia-Barriel, Maria, 2014. "The UK productivity puzzle," Bank of England Quarterly Bulletin, Bank of England, vol. 54(2), pages 114-128.
  2. Nicholas Oulton & María Sebastiá-Barriel, 2013. "Long and short-term effects of the financial crisis on labour productivity, capital and output," LSE Research Online Documents on Economics 48926, London School of Economics and Political Science, LSE Library.
  3. Nicholas Oulton, 2013. "Medium and long run prospects for UK growth in the aftermath of the financial crisis," Discussion Papers 1307, Centre for Macroeconomics (CFM).
  4. Harimohan, Rashmi, 2012. "How has the risk to inflation from inflation expectations evolved?," Bank of England Quarterly Bulletin, Bank of England, vol. 52(2), pages 114-123.
  5. 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.
  6. Gilhooly, Robert & Weale, Martin & Wieladek, Tomasz, 2012. "Disaggregating the international business cycle," Discussion Papers 37, Monetary Policy Committee Unit, Bank of England.
  7. Richard Blundell & Claire Crawford & Wenchao Jin, 2014. "What Can Wages and Employment Tell Us about the UK's Productivity Puzzle?," Economic Journal, Royal Economic Society, vol. 0(576), pages 377-407, 05.
  8. Barnett, Alina & Chiu, Adrian & Franklin, Jeremy & Sebastia-Barriel, Maria, 2014. "The productivity puzzle: a firm-level investigation into employment behaviour and resource allocation over the crisis," Bank of England working papers 495, Bank of England.
  9. Chowla, Shiv & Quaglietti, Lucia & Rachel, Lukasz, 2014. "How have world shocks affected the UK economy?," Bank of England Quarterly Bulletin, Bank of England, vol. 54(2), pages 167-179.

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