Six centuries of British economic growth: a time-series perspective

Nicholas Crafts and Terence C. Mills

European Review of Economic History, 2017, vol. 21, issue 2, 141-158

Abstract: This paper provides a time-series analysis of recent annual estimates of real GDP and industrial output covering 1270–1913. We show that growth can be regarded as a segmented trend-stationary process. On this basis, we find that trend growth of real GDP per person was zero prior to the 1660s but then experienced two significant accelerations, pre- and post-industrial revolution. We also find that the hallmark of the industrial revolution is a substantial increase in the trend rate of growth of industrial output rather than being an episode of difference stationary growth.

Date: 2017
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Citations: View citations in EconPapers (18)

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Related works:
Working Paper: Six Centuries of British Economic Growth: a Time-Series Perspective (2016)
Working Paper: Six Centuries of British Economic Growth: a Time-Series Perspective (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ereveh:v:21:y:2017:i:2:p:141-158.

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