 The UK's Great Demand and Supply Recession*Nick Jacob and Giordano Mion Oxford Bulletin of Economics and Statistics, 2023, vol. 85, issue 5, 993-1022 Abstract: We revisit the weak productivity performance of the UK since the Great Recession by means of both a suitable theoretical framework and firm‐level price and quantity data for detailed products, allowing us to measure both demand and its changes over time and distinguish between quantity total factor productivity and revenue total factor productivity. This in turn allows us to measure how changes in quantity TFP, demand and markups ultimately affected revenue TFP, as well as labour productivity, over the Great Recession. Our findings suggest that the weak productivity performance of UK firms post‐recession is due to both weakening demand and decreasing quantity TFP pushing down sales, markups, revenue TFP and labour productivity. Date: 2023 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:obuest:v:85:y:2023:i:5:p:993-1022 Ordering information: This journal article can be ordered from Access Statistics for this article Oxford Bulletin of Economics and Statistics is currently edited by Christopher Adam, Anindya Banerjee, Christopher Bowdler, David Hendry, Adriaan Kalwij, John Knight and Jonathan Temple More articles in Oxford Bulletin of Economics and Statistics from Department of Economics, University of Oxford Contact information at EDIRC. |
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