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Deconstructing Growth in UK Manufacturing

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Author Info
Gavin Cameron
James Proudman
Stephen Redding

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Abstract

This paper is concerned with the nature of economic growth in 19 manufacturing industries between 1970-92. There is substantial heterogeneity (both across sectors and time) in rates of growth of value-added, hours worked, labour productivity and Total Factor Productivity during the sample period. The decline in constant price value-added in aggregate manufacturing during the sample period is associated with significant changes in the relative size of individual sectors, and with noticeable changes in performance between the two peak-to-peak business cycles 1973-79 and 1979-89. Despite changes in the relative size of sectors, the vast majority of aggregate productivity growth is explained by within-sector productivity growth. An analysis of productivity levels also reveals considerable heterogeneity. The distribution of productivity levels across sectors exhibits an increase in dispersion and becomes increasingly positively skewed during the sample period. There is evidence of productivity levels in a number of industries converging at values just below the mean; productivity levels in a few sectors persistently remain above and rise away from mean values.

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Paper provided by Bank of England in its series Bank of England working papers with number 73.

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Handle: RePEc:boe:boeewp:73

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References listed on IDEAS
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.:
  1. Oulton, Nicholas, 1996. "Increasing Returns and Externalities in UK Manufacturing: Myth or Reality?," Journal of Industrial Economics, Blackwell Publishing, vol. 44(1), pages 99-113, March. [Downloadable!] (restricted)
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  2. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December. [Downloadable!] (restricted)
  3. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  4. Quah, Danny T, 1996. " Convergence Empirics across Economies with (Some) Capital Mobility," Journal of Economic Growth, Springer, vol. 1(1), pages 95-124, March.
  5. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers dp0280, Centre for Economic Performance, LSE. [Downloadable!]
  6. Jorgenson, Dale W, 1988. "Productivity and Postwar U.S. Economic Growth," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 23-41, Fall. [Downloadable!] (restricted)
  7. Bernard, Andrew B & Jones, Charles I, 1996. "Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries," American Economic Review, American Economic Association, vol. 86(5), pages 1216-38, December. [Downloadable!] (restricted)
  8. Quah, Danny, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEPR Discussion Papers 1355, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Bernard, Andrew B & Jones, Charles I, 1996. "Productivity across Industries and Countries: Time Series Theory and Evidence," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 135-46, February. [Downloadable!] (restricted)
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  10. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-47, October. [Downloadable!] (restricted)
  11. Muellbauer, John, 1991. "Productivity and Competitiveness," Oxford Review of Economic Policy, Oxford University Press, vol. 7(3), pages 99-117, Autumn.
  12. Stephen Redding & James Proudman, . "Productivity convergence and international openness," Bank of England working papers 77, Bank of England. [Downloadable!]
  13. Quah, Danny T., 1996. "Empirics for economic growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1353-1375, June. [Downloadable!] (restricted)
  14. Friedman, Milton, 1992. "Do Old Fallacies Ever Die?," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2129-32, December. [Downloadable!] (restricted)
  15. Proudman, James & Redding, Stephen J, 1998. "Persistence and Mobility in International Trade," CEPR Discussion Papers 1802, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  16. Zvi Griliches & Frank R. Lichtenberg, 1984. "R&D and Productivity Growth at the Industry Level: Is There Still a Relationship?," NBER Chapters, in: R & D, Patents, and Productivity, pages 465-502 National Bureau of Economic Research, Inc. [Downloadable!]
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  17. Barro, R.J. & Sala-I-Martin, X., 1991. "Convergence Across States and Regions," Papers 629, Yale - Economic Growth Center.
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  1. James Proudman & Stephen Redding & Marco Bianchi, . "Is International Openness associated with faster economic growth?," Bank of England working papers 63, Bank of England. [Downloadable!]
  2. Stephen Redding & James Proudman, . "Productivity convergence and international openness," Bank of England working papers 77, Bank of England. [Downloadable!]
  3. Erzan, Refik & Filiztekin, Alpay & Zenginobuz, Unal, 2002. "Turkey’s Customs Union with the European Union: A Framework for Evaluating the Impact of Economic Integration," MPRA Paper 382, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Gavin Cameron & James Proudman & Stephen Redding, . "Openness and its association with productivity growth in UK manufacturing industry," Bank of England working papers 104, Bank of England. [Downloadable!]
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