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12:30 - 13:45 24 April 2013

Can Intangible Investment Explain the UK Productivity Puzzle?

Location

IFS Conference Room | Institute for Fiscal Studies (link Map)
7 Ridgmount Street | London | WC1E 7AE | United Kingdom

Open to: Academic | Student
Ticketing: Open

Speaker information

Jonathan Haskel, Imperial

This paper investigates whether intangibles might explain the UK productivity puzzle. We note that since the recession: (a) firms have upskilled faster than before; (b) intangible investment in R&D and software has risen whereas tangible investment has fallen; and © intangible and telecoms equipment investment slowed in advance of the recession. We have therefore tested to see if: (a) what looks like labour hoarding is actually firms keeping workers who are employed in creating intangible assets; (b) the current slowdown in TFP growth is due to the spillover effects of the past slowdown in R&D and telecoms equipment investment. Our main findings are: (a) measured market sector real value added growth since the start of 2008 is understated by 1.6% due to the omission of intangibles; (b) 0.75pppa of the TFP growth slowdown can be accounted for by the slowdown in intangible and telecoms investment in the early 2000s.


Contact

Institute for Fiscal Studies
020 7291 4800 | -


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Seminar slides


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