By Gavin Cameron of Nuffield College, Oxford, James Proudman of the Bank’s Monetary Instruments and Markets Division, and Stephen Redding of New College, Oxford and CEPR.
Within manufacturing, economic performance varied considerably, both across sectors and time, including a notable difference between the two peak-to-peak business cycles 1973–79 and 1979–89. To understand manufacturing economic performance more fully, the article considers disaggregated data for 19 manufacturing industries, using two measures of productivity: labour productivity and Total Factor Productivity.
Growth in UK manufacturing between 1970-92 Opens in a new window