productivity slowdown

Publication date: 6 Feb 2020 | Publication type: National Institute Economic Review | External authors: Crafts, N, Mills, T C | JEL classification: C22, N13, N14, O47 | Journal: National Institute Economic Review Issue 251 | Publisher: Cambridge University Press
We estimate trend UK labour productivity growth using a Hodrick-Prescott filter method. We use the results to compare downturns where the economy fell below its pre-existing trend. We find that the current productivity slowdown has resulted in productivity being 19.7 per cent below the pre-2008...
Publication date: 1 Nov 2017 | Publication type: National Institute Economic Review | Theme: Trade, Investment & Productivity | External authors: Crafts, N, Mills, T C | JEL classification: E32, N12, O47 | Journal: National Institute Economic Review Issue 242 | Publisher: Sage Publications, London
We analyse TFP growth in the US business sector using a basic unobserved component model where trend growth follows a random walk and the noise is a first order autoregression. This is fitted using a Kalman-filter methodology. We  find that trend TFP growth has declined steadily from 1.5 to 1.0 per...
Publication date: 2 Aug 2017 | Publication type: National Institute Economic Review | Theme: Macroeconomics | Authors: Chadha, J S, Kara, A | External authors: Labonne, P | JEL classification: E01, E32, E44 | Journal: National Institute Economic Review Issue 241 | Publisher: Sage Publications, London
The financial crisis has led to a change in the mix of capital and labour employed in the UK and a sharp decline in total factor productivity. This has meant that labour productivity has not recovered to any great degree since the financial crisis. We explore the role of overall and sectoral...