Macroeconomics

Bitesize: Correction to ‘There are two productivity puzzles’

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Patrick Schneider

Last year I published a post arguing that there are two productivity puzzles – one in the level and the other in the growth rate of labour productivity – that contained an error. In the original blog, I showed that we could decompose the puzzle(s!) into contributions from either slower than trend growth in capital services per hour worked (capital deepening) or technology growth (TFP).

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An intuitive interpretation of factor models

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Sinem Hacioglu Hoke and Kerem Tuzcuoglu

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Low for long: what does this mean for defined-benefit pensions in the UK?

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Frank Eich and Jumana Saleheen.

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Should economists be more concerned about Artificial Intelligence?

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Mauricio Armellini and Tim Pike.

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Is economic uncertainty holding back growth in the euro-area?

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Lucia Quaglietti.

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Low real interest rates: depression economics, not secular trends

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Gene Kindberg-Hanlon.

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Do consumers respond in the same way to good and bad income surprises?

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Philip Bunn, Jeanne Le Roux, Kate Reinold and Paolo Surico.

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The surprise in monetary surprises: a tale of two shocks

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Silvia Miranda-Agrippino.

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History dependence in the housing market

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Philippe Bracke and Silvana Tenreyro.

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Bitesize: Exploring UK sectoral productivity

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Ian Billett and Patrick Schneider.

As time goes to infinity, the probability that a productivity analyst will wonder ‘which sectors are driving these trends?’ goes to one. We present an interactive sectoral productivity tool to help you explore this question without any fuss.

What is productivity?

Labour productivity is defined as real value-added (£ worth of output created) per labour unit (number of employees) for the set of relevant sectors (up to whole economy).

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