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The Measurement of Productivity and Market Structure in the UK

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  • Caporale, Guglielmo Maria

Abstract

This paper explains how the Solow residual should be adjusted to provide a correct measure of productivity when markets are not perfectly competitive. Although the null hypothesis of a unity mark-up coefficient cannot be rejected, values greater than one also lie within the confidence interval. Hence the adjustment for imperfect competition should be carried out. The finding that the average mark-up coefficient in the UK is lower than in the US might reflect the higher degree of intra-EC import competition. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Caporale, Guglielmo Maria, 1994. "The Measurement of Productivity and Market Structure in the UK," Bulletin of Economic Research, Wiley Blackwell, vol. 46(1), pages 61-70, January.
    • Handle: RePEc:bla:buecrs:v:46:y:1994:i:1:p:61-70
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    References listed on IDEAS

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    1. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
    2. Alexis Jacquemin, 1982. "Imperfect Market Structure And International Trade ‐ Some Recent Research," Kyklos, Wiley Blackwell, vol. 35(1), pages 75-93, February.
    3. Paul A. GEROSKI & Alexis Jacquemin, 1981. "Imports as a Competitive Discipline," Discussion Papers (REL - Recherches Economiques de Louvain) 1981031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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