{"title":"The UK's Great Demand and Supply Recession*","authors":"Nick Jacob, Giordano Mion","doi":"10.1111/obes.12533","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":"85 5","pages":"993-1022"},"PeriodicalIF":16.4000,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12533","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/obes.12533","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 1
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.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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