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The UK's Great Demand and Supply Recession

Jacob, Nick; Mion, Giordano

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Authors

Nick Jacob



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.

Citation

Jacob, N., & Mion, G. (2023). The UK's Great Demand and Supply Recession. Oxford Bulletin of Economics and Statistics, 85(5), 993-1022. https://doi.org/10.1111/obes.12533

Journal Article Type Article
Acceptance Date Oct 10, 2022
Online Publication Date Nov 29, 2022
Publication Date 2023-10
Deposit Date Oct 21, 2022
Publicly Available Date Mar 28, 2024
Journal Oxford Bulletin of Economics and Statistics
Print ISSN 0305-9049
Electronic ISSN 1468-0084
Peer Reviewed Peer Reviewed
Volume 85
Issue 5
Pages 993-1022
DOI https://doi.org/10.1111/obes.12533
Keywords Statistics, Probability and Uncertainty; Economics and Econometrics; Social Sciences (miscellaneous); Statistics and Probability
Public URL https://nottingham-repository.worktribe.com/output/12622853
Publisher URL https://onlinelibrary.wiley.com/doi/10.1111/obes.12533

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