Dispersi?n de la Productividad durante la Gran Recesi?n en el Reino Unido

Description: Using as a testbed the period of the Great Recession of 2008/09, this study emonstrates that the dispersion of Total Factor Productivity levels in the UK is procyclical. This implies that productivity dispersion is lower in recessions, reflecting a higher influence of Schumpeterian models of creative destruction along the business cycle. The present research confirms that the latest recession had cleansing effects for unproductive businesses and sullying effects for the most efficient ones, implying a less prominent role for the uncertainty shocks developed by Bloom (2009) as a source of business cycles. Using the same methodology as in Faggio, etal. (2010), I also confirm these results for the manufacturing sector where, in contrast to Kehrig (2015), productive and unproductive firms seem to have suffered similar sullying effects during the credit crunch. Finally, similar to the findings of Oulton (1998) and Haskel & Martin (2002), I show that, though small in levels, these relative changes in dispersion reflect a higher sensitivity of the manufacturing sector toward the business cycle.

Get full text: http://repositorio.educacionsuperior.gob.ec/handle/28000/2003