The Impact of the Financial Crisis on UK Company Performance
Lead Research Organisation:
National Institute of Economic and Social Research
Department Name: National Institute of Economic & Soc Res
Abstract
UK productivity fell sharply during the recession of 2008-9, and recovered only sluggishly after that. It currently remains substantially below a continuation of its pre-crisis trend. This contrasts very sharply with the experience of other post-war recessions in the UK when the fall was less sharp and the recovery quicker; it is also very different from experience in the US, where productivity has held up quite well, but where aggregate job loss has been more severe than in the UK.
Understanding the reasons for recent productivity weakness is of first order importance to macroeconomic policy, as stressed by both the Monetary Policy Committee and the Office for Budget Responsibility.
The main aim of the research is to investigate the underlying causes for recent productivity weakness in the UK, examining in particular the mechanisms by which the banking sector crisis might have affected the supply side of the UK economy, and focusing on how it has affected company performance. These mechanisms are identified by examining differences in the performance of individual firms or sectors according to their reliance on bank finance in order to grow. The research analyses company- and sector-level data from a range of secondary data sources, highlighting patterns in the data consistent with different explanations for the productivity slowdown. The research addresses the following questions:
1. How widespread across sectors and UK companies is the productivity slowdown since the financial crisis? How does this differ to the recession of the early 1990s?
2. What has been the impact of the banking sector crisis on bank credit conditions experienced by UK companies?
3. What are the mechanisms through which bank credit conditions might have affected the performance of UK companies and what are the magnitudes of these effects?
4. What is the evidence that UK productivity weakness has been associated with factors unrelated to tight credit conditions; labour hoarding in particular?
The main focus of the research is on analysing reasons for productivity weakness directly related to the banking crisis. One possible mechanism is that lack of credit availability has stunted the development of high-productivity, mainly young and small bank dependent firms and provided some protection for older established companies. In other words, the banking crisis may have reduced the efficiency with which inputs and outputs are allocated across firms. To investigate this, productivity growth is decomposed into productivity changes that occur because of developments within individual firms and productivity changes that occur because of changes in the efficiency with which resources are allocated across firms. If the banking crisis was an important contributor to UK productivity weakness, as distinct from recession, then the expectation is that productivity decline should have arisen in large part due to a drop in the efficiency with which resources are allocated across firms.
The research develops from existing data sources measures of the impact of the banking sector crisis on bank credit conditions experienced by different types of UK companies. Next it gauges the importance of tight credit conditions on company performance adopting a quasi-experimental approach, comparing outcomes for firms who are likely to be vulnerable to tight credit conditions to outcomes for firms who are less likely to be vulnerable to tight credit conditions before and after the financial crisis. The banking crisis provides in essence a natural experiment for studying the impact of tight credit conditions on real economic outcomes. The research studies the impact of the financial crisis on a number of company performance measures, including productivity, investment, firm survival rates, and job creation.
Although not the main focus, the extent of firm-level labour hoarding, and how this may have contributed to recent productivity weakness, is also analysed.
Understanding the reasons for recent productivity weakness is of first order importance to macroeconomic policy, as stressed by both the Monetary Policy Committee and the Office for Budget Responsibility.
The main aim of the research is to investigate the underlying causes for recent productivity weakness in the UK, examining in particular the mechanisms by which the banking sector crisis might have affected the supply side of the UK economy, and focusing on how it has affected company performance. These mechanisms are identified by examining differences in the performance of individual firms or sectors according to their reliance on bank finance in order to grow. The research analyses company- and sector-level data from a range of secondary data sources, highlighting patterns in the data consistent with different explanations for the productivity slowdown. The research addresses the following questions:
1. How widespread across sectors and UK companies is the productivity slowdown since the financial crisis? How does this differ to the recession of the early 1990s?
2. What has been the impact of the banking sector crisis on bank credit conditions experienced by UK companies?
3. What are the mechanisms through which bank credit conditions might have affected the performance of UK companies and what are the magnitudes of these effects?
4. What is the evidence that UK productivity weakness has been associated with factors unrelated to tight credit conditions; labour hoarding in particular?
The main focus of the research is on analysing reasons for productivity weakness directly related to the banking crisis. One possible mechanism is that lack of credit availability has stunted the development of high-productivity, mainly young and small bank dependent firms and provided some protection for older established companies. In other words, the banking crisis may have reduced the efficiency with which inputs and outputs are allocated across firms. To investigate this, productivity growth is decomposed into productivity changes that occur because of developments within individual firms and productivity changes that occur because of changes in the efficiency with which resources are allocated across firms. If the banking crisis was an important contributor to UK productivity weakness, as distinct from recession, then the expectation is that productivity decline should have arisen in large part due to a drop in the efficiency with which resources are allocated across firms.
The research develops from existing data sources measures of the impact of the banking sector crisis on bank credit conditions experienced by different types of UK companies. Next it gauges the importance of tight credit conditions on company performance adopting a quasi-experimental approach, comparing outcomes for firms who are likely to be vulnerable to tight credit conditions to outcomes for firms who are less likely to be vulnerable to tight credit conditions before and after the financial crisis. The banking crisis provides in essence a natural experiment for studying the impact of tight credit conditions on real economic outcomes. The research studies the impact of the financial crisis on a number of company performance measures, including productivity, investment, firm survival rates, and job creation.
Although not the main focus, the extent of firm-level labour hoarding, and how this may have contributed to recent productivity weakness, is also analysed.
Planned Impact
The research is highly policy relevant. It investigates the underlying causes of the sharp drop and sluggish growth in UK productivity since the financial crisis, examining in particular the mechanisms by which the banking sector crisis might have affected the supply side of the UK economy, and how it has affected company performance. Understanding the reasons for productivity weakness is of key importance for economic policy. On macroeconomic policy, different explanations would have different implications for how quickly output can expand when demand in the economy recovers (they imply different magnitudes of the output gap) and therefore the appropriate stance of fiscal and monetary policy; while on microeconomic policy, they would have implications for the design of appropriate support measures for business, and for policy on the banking sector and credit markets. Yet, hitherto, there has been little progress in discriminating between different explanations for the productivity slowdown. Both the Monetary Policy Committee and Office of Budget Responsibility have highlighted the 'productivity puzzle' as worthy of more in-depth research. Other policy-makers that are beneficiaries of this research include the Bank of England more widely, HM Treasury, and the Department for Business Innovation and Skills.
The wider public (UK residents) and UK companies are indirectly beneficiaries of this research, in so far as the research contributes to the effectiveness of policy geared at enhancing UK economic performance and the economic competitiveness of the UK.
The research will also provide valuable experience for the research staff involved, building the national skills base in the analysis and interpretation of large and complex datasets.
The wider public (UK residents) and UK companies are indirectly beneficiaries of this research, in so far as the research contributes to the effectiveness of policy geared at enhancing UK economic performance and the economic competitiveness of the UK.
The research will also provide valuable experience for the research staff involved, building the national skills base in the analysis and interpretation of large and complex datasets.
Publications
Riley, R.
(2015)
The impact of the National Minimum Wage on UK Businesses
Riley, R.
(2015)
Raising the standard: Minimum wages and firm productivity
Riley R
(2014)
Financial Crisis and Economic Performance: Introduction
in National Institute Economic Review
Riley R
(2015)
The UK Productivity Puzzle 2008-13: Evidence from British Businesses
in SSRN Electronic Journal
Riley R
(2017)
Raising the standard: Minimum wages and firm productivity
in Labour Economics
Riley R
(2014)
The Financial Crisis, Bank Lending and UK Productivity: Sectoral and Firm-Level Evidence
in National Institute Economic Review
Bravo-Biosca, A.
(2016)
Startups, incumbents and the UK's productivity puzzle
Anderson, G.
(2018)
Distressed Banks, Distorted Decisions?
Anderson G.
(2019)
Distressed Banks, Distorted Decisions?
Description | This research investigates the mechanisms and extent to which the stagnation in UK productivity growth since the recession of 2008-9 is related to the crisis in the banking sector. Here we outline key findings from our analysis. Lending by UK banks to private non-financial companies has fallen consistently since 2008. This is different to the US where growth in bank lending to similar companies resumed after 2010. Our review of the evidence and analysis of Companies House data suggests that bank weakness was associated with a reduction in credit supply to UK companies, affecting companies that were more exposed to weak banks. We explore how this credit supply shock relates to sectoral performance (reference 1). We find that output declined by more in sectors characterised as relatively bank dependent compared to that in less bank-dependent sectors, consistent with banking sector weakness reducing the supply capacity of the UK economy. But, at the sector level, we find no clear relation between bank dependency and the productivity short-fall relative to trend. There are a number of channels through which a banking crisis might reduce productivity growth and the supply capacity of the economy by hampering the efficiency of resource allocation. Using ONS business micro data we decompose aggregate productivity growth relative to trend into contributions from changes in productivity within firms and, separately, from the reallocation of resources across more and less productive firms (reference 2). This analysis suggests a widespread reduction in productivity (labour productivity and total factor productivity) within incumbent firms that survived the recession. This points to the importance of factors not specifically related to the crisis in the banking sector in explaining aggregate productivity weakness. Nevertheless, we find evidence that banking sector weakness dampened productivity growth to a more limited extent by reducing the efficiency of resource allocation across firms. Analysing Companies House data we find that banking sector weakness is likely to have led to an increase in company deaths amongst exposed companies, consistent with international evidence (reference 3). We find that credit constrained companies were more likely to reduce their capital stocks relative to what they might otherwise have done. This may have adversely affected companies' productivity, e.g. via capital labour substitution, but direct evidence of this link is less clear. Estimating firms' labour demand using ONS business micro data we find evidence that weak labour costs have enabled firms to retain labour since the financial crisis. We find little evidence that firms have demanded labour in excess of what might have been expected given the path of wages and output (i.e. little evidence of labour hoarding). This is also true for firms that tend to be more reliant on skilled workers. In conclusion, it is evident that the banking sector has reduced credit supply to UK companies. Our research suggests this has had a noticeable impact on the performance of some companies and sectors, but the relationship to productivity is complex and dependent on other factors such as wage flexibility. Subject to future funding, we plan to explore the potential for further research in this area using linked longitudinal business datasets. Word Count: 516 References: 1. Riley, R., Rosazza Bondibene, C., and Young, G. (2014) 'The financial crisis, bank lending and UK productivity: sectoral and firm-level evidence', National Institute Economic Review, No. 228, pp. R17-R34. 2. Riley, R., Rosazza Bondibene, C., and Young, G. (2014) 'Productivity Dynamics in the Great Stagnation: Evidence from Bristish Businesses', Centre for Macroeconomics Discussion Paper No. 2014-07. 3. Riley, R., Rosazza Bondibene, C., and Young, G. (2014) 'Bank Credit Conditions and UK Company Performance', paper presented at the Royal Economic Society Conference, April, Manchester. |
Exploitation Route | Our research has contributed evidence to the current policy debate on the importance of demand versus supply side explanations for the recent weakness of UK economic performance and appropriate policy responses. As noted above we have communicated our findings through publications and presentations where senior policy makers have participated. While it is difficult to isolate the effect of our own contribution, our analysis provides contextual evidence to a live debate that affects the setting of monetary and fiscal policy with potentially significant impacts on overall living standards (see e.g. reporting of our research in the RES newsletter). For example, one concern that has been prominent in the debate is the role of banking sector impairment in directly contributing to productivity stagnation through resource misallocation. We provide evidence that, in and of itself, this may not be as important as some commentators have suggested. All things considered, this has implications for the appropriate stance of monetary policy. We have also made extensive use of existing secondary data sources, highlighting their advantages and disadvantages. We would hope that one outcome of our project will be to contribute to improvements in the collection and linking of different sources of company-level data so as to avoid some of the pitfalls of small useable sample sizes hindering scientific enquiry and understanding. |
Sectors | Other |
URL | http://www.niesr.ac.uk/projects/impact-financial-crisis-uk-company-performance |
Description | Our research has contributed evidence to the continuing policy debate on the possible explanations for the recent weakness of UK economic performance. This is seen to be of first-order importance for the setting of monetary and fiscal policy, with potentially significant impacts on overall living standards. For example, one prominent concern is the role of banking sector impairment in directly contributing to productivity stagnation through resource misallocation. While this has had traction with policymakers, we provide evidence that, in and of itself, this may not be as important as some commentators have suggested. We have communicated our findings widely through publications and presentations where senior policy makers have participated, organising a special session at the RES conference April 2014 on "The Impact of the Financial Crisis on UK Company Performance" involving key academics and policy makers. A summary of this session was included in the official RES Newsletter. We edited a special issue of the National Institute Economic Review on "Financial Crisis and Economic Performance" and organised a NIESR seminar to launch the issue, involving speakers from the Bank of England and senior academics. Early findings were discussed at project user group meetings. The project user group included key stakeholders (HMT, BIS, OBR, MPC). We also held meetings with Bank of England researchers involved in similar research and have disseminated our findings through participation in roundtable events at the TUC and the Work Foundation, as well as research meetings at BIS and IPO. Draft working papers have been circulated and are in the process of being sent to academic journals for peer review. While the research results have not been disseminated fully yet, they have had some influence on the national debate about the productivity puzzle. For example, our findings have been cited in a Financial Times article on UK productivity weakness and project papers have been cited in recent speeches by MPC members (Martin Weale and Kristen Forbes) and in the Bank of England's Quarterly Bulletin article on productivity (2014 Q2). Outputs have also been cited in the Bank's Discussion Paper setting out their future research agenda. The project has also contributed new research capacity to the business micro-data user group community. Project researchers have gained significant further experience and understanding of major UK business micro-datasets. The analysis datasets developed in this project (from FAME and the ARD) and the methodological experience gained have led to additional research funding to further examine UK business performance in the recession: from the Low Pay Commission to investigate the relationship between the National Minimum Wage and business outcomes during the recession; and from the National Endowment for Science, Technology and the Arts to further investigate the efficiency of resource allocation in the UK. The research has made extensive use of existing secondary data sources, highlighting their advantages and disadvantages and we have actively engaged with data providers (Secure Data Service & ONS), including by a presentation to the ONS Annual Business Survey team of a policy relevant use of the ABS micro data. |
First Year Of Impact | 2013 |
Sector | Communities and Social Services/Policy,Financial Services, and Management Consultancy,Other |
Impact Types | Societal,Economic,Policy & public services |
Description | Citation in Bank of England Quarterly Bulletin |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
URL | http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q201.pdf |
Description | Citation in OECD Employment Outlook |
Geographic Reach | Multiple continents/international |
Policy Influence Type | Citation in other policy documents |
Impact | This evidence has been used in support of minimum wages. |
URL | http://www.oecd.org/els/oecd-employment-outlook-19991266.htm |
Description | Citation in One Bank Research Agenda, Bank of England |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
URL | http://www.bankofengland.co.uk/research/Documents/onebank/discussion.pdf |
Description | Citation in Productivity Plan |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
URL | https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/443898/Productivity_Plan_w... |
Description | Citation in Summer Budget |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
Impact | Our research evidence on the impacts of the National Minimum Wage on businesses was cited in support of the introduction of the new National Living Wage. Our research suggests that amongst low paying firms, increases in labour costs may have been met by increases in labour productivity, associated with increases in total factor productivity. |
URL | https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/443232/50325_Summer_Budget... |
Description | Citation in speech given by Kristin Forbes, External Member of the Monetary Policy Committee, "Low interest rates: King Midas' golden touch?" |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
URL | http://www.bankofengland.co.uk/publications/Pages/speeches/2015/798.aspx |
Description | Citation in speech given by Martin Weale, External Member of the Monetary Policy Committee, "The UK productivity puzzle: an international perspective" |
Geographic Reach | National |
Policy Influence Type | Citation in other policy documents |
URL | http://www.bankofengland.co.uk/publications/Pages/speeches/2014/785.aspx |
Description | Submission to BEIS Productivity Review 2018 |
Geographic Reach | National |
Policy Influence Type | Contribution to a national consultation/review |
Description | ONS Consultancy |
Amount | £63,000 (GBP) |
Organisation | Office for National Statistics |
Sector | Private |
Country | United Kingdom |
Start | 04/2016 |
End | 06/2017 |
Description | Sources of labour productivity growth at sector level in Britain since the 2008-09 recession: a firm-level analysis |
Amount | £29,038 (GBP) |
Organisation | Nesta |
Sector | Charity/Non Profit |
Country | United Kingdom |
Start | 02/2015 |
End | 06/2015 |
Description | The impact of the National Minimum Wage on UK businesses |
Amount | £69,257 (GBP) |
Organisation | Low Pay Commission |
Sector | Private |
Country | United Kingdom |
Start | 04/2013 |
End | 03/2015 |
Description | DWP economists conference |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Participation in an expert panel on productivity at the DWP economists conference. Presentation of our work on the National Minimum Wage and business responses in light of planned implementation of the new National Living Wage. |
Year(s) Of Engagement Activity | 2016 |
Description | EWEPA |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Professional Practitioners |
Results and Impact | Presented and discussed research at a feature session on the UK productivity puzzle, chaired by Professor Jonathan Haskel, at the 15th European Workshop on Efficiency and Productivity Analysis (EWEPA). |
Year(s) Of Engagement Activity | 2017 |
Description | Economic Measurement Group Workshop, UNSW |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Professional Practitioners |
Results and Impact | Presentation at Economic Measurement Group Workshop, UNSW, 5-6 December 2019 |
Year(s) Of Engagement Activity | 2019 |
URL | https://www.business.unsw.edu.au/research/research-centres-institutions/applied-economic-research-ce... |
Description | FINCRISIS First project user group meeting |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Meeting with policymakers to discuss preliminary findings from the research. Participants included representatives from: HM Treasury; Department for Business, Innovation and Skills; Office for Budget Responsibility; Monetary Policy Committee. |
Year(s) Of Engagement Activity | 2013 |
Description | FINCRISIS Second project user group meeting |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Meeting with policymakers to discuss preliminary findings from the research. Participants included representatives from: HM Treasury; Department for Business, Innovation and Skills; Office for Budget Responsibility; Monetary Policy Committee. |
Year(s) Of Engagement Activity | 2013 |
Description | France Strategie - US Council of Economic Advisers Seminar, October 2015, Paris |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of "Productivity dynamics in the wake of the financial crisis: evidence from UK businesses" at a joint France Strategie - US Council of Economic Advisers Seminar on "Solving the Productivity Conundrum". |
Year(s) Of Engagement Activity | 2015 |
URL | http://www.strategie.gouv.fr/publications/solving-productivity-conundrum |
Description | HM Treasury Productivity Roundtable |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Invited speaker at HM Treasury Productivity Roundtable. Discussion of the evidence on the causes of the productivity puzzle and evaluation methodologies. |
Year(s) Of Engagement Activity | 2016 |
Description | HMT Labour Market Conference 2015 |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of "Big firms, small firms and the productivity distribution: Implications for aggregate productivity" during a panel session on productivity at the HM Treasury Annual Labour Market Conference. |
Year(s) Of Engagement Activity | 2015 |
Description | IFS/Bank of England conference, September |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of "Productivity dynamics in the wake of the financial crisis: Evidence from UK businesses" at IFS/BoE conference "Understanding the Great Recession: from micro to macro". |
Year(s) Of Engagement Activity | 2015 |
URL | http://www.ifs.org.uk/events/1188 |
Description | NESTA/NIESR, ERC & BIS Productivity Research Symposium |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of key findings from research on "Bank Credit Conditions and Productivity Growth: Company-level Evidence" to a working group in the Enterprise Analysis division of the Department for Business, Innovation & Skills. Discussion with policymakers and other researchers working in related areas. Raising awareness around data issues that present significant limitations to analysis of SME performance. |
Year(s) Of Engagement Activity | 2015 |
Description | NIER May 2014 launch |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Type Of Presentation | workshop facilitator |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Edited a special issue of the National Institute Economic Review on "Financial Crisis and Economic Performance" and organised a well-attended NIESR seminar to launch the issue. Discussion and media coverage. |
Year(s) Of Engagement Activity | 2014 |
URL | http://niesr.ac.uk/event/54#.VGQFZWdTCwc |
Description | NIER paper presentation |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of paper: The credit crunch and UK business performance: evidence from sector- and firm-level data, at launch of National Institute Economic Review Special Issue on Financial Crisis and Economic Performance. Discussion with policy makers. |
Year(s) Of Engagement Activity | 2014 |
URL | http://niesr.ac.uk/event/54#.VGQFZWdTCwc |
Description | NIER press release |
Form Of Engagement Activity | A press release, press conference or response to a media enquiry/interview |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Public/other audiences |
Results and Impact | Media coverage of National Institute Economic Review special issue articles on financial crisis and economic performance in national broadsheets. Discussion with Bank of England researchers to reconcile the evidence emerging from different research articles. |
Year(s) Of Engagement Activity | 2014 |
URL | http://niesr.ac.uk/sites/default/files/NIESR%20Press%20Release%20-%20May%20Review%20Research%20Artic... |
Description | NIESR productivity and firm growth Nov 2014 |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presented - Bank credit conditions and their influence on productivity growth: company-level evidence. Discussion of causes of the UK productivity puzzle. Further discussion of findings with member of the Monetary Policy Committee. |
Year(s) Of Engagement Activity | 2014 |
URL | http://niesr.ac.uk/publications/conference-slides-productivity-and-firm-growth#.VGP8fckXZNg |
Description | OECD-IZA Employment seminar, September, Paris |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Policymakers/politicians |
Results and Impact | This was an event organised by OECD and IZA to discuss the current employment situation and labour market policies following the financial crisis. Presentation of our research on minimum wages and business responses. |
Year(s) Of Engagement Activity | 2015 |
Description | Oxford Research Methods Presentation |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | National |
Primary Audience | Professional Practitioners |
Results and Impact | Presentation of methods for decomposing aggregate productivity growth into firm contributions. Discussion of research methods. |
Year(s) Of Engagement Activity | 2014 |
URL | http://www.ncrm.ac.uk/RMF2014/programme/session.php?id=A5 |
Description | Oxford Research Methods Session |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Type Of Presentation | workshop facilitator |
Geographic Reach | National |
Primary Audience | Professional Practitioners |
Results and Impact | Organised Session at ESRC Research Methods Festival: Using Secondary analysis to Research Economic Performance Discussion of research methods. |
Year(s) Of Engagement Activity | 2014 |
URL | http://www.ncrm.ac.uk/RMF2014/programme/session.php?id=A5 |
Description | Oxford University Centre for Business Taxation and Department of Economics Applied Microeconomics Research Group |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Professional Practitioners |
Results and Impact | Presentation "Productivity dynamics in the wake of the financial crisis: evidence from UK businesses", presented by Garry Young at seminar organised by Oxford University Centre for Business Taxation and Department of Economics Applied Microeconomics Research Group. Discussions of the productivity puzzle and its causes. |
Year(s) Of Engagement Activity | 2017 |
Description | Presentation at the Reserve Bank of Australia, December 2019 |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of "Distressed Banks, Distorted Decisions?" to the Reserve Bank of Australia, 4 December 2019 |
Year(s) Of Engagement Activity | 2019 |
Description | Productivity Dynamics in the Great Stagnation - Early Findings; NIESR policy seminar Sept 2013 |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation at NIESR policy seminar: Job creation and the recession followed by discussion. Discussed methodology underlying policy findings with member of Monetary Policy Committee and Bank of England researchers. |
Year(s) Of Engagement Activity | 2013 |
Description | RES Contributed session presentation |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | International |
Primary Audience | Other audiences |
Results and Impact | Contributed session presentation at the Royal Economic Society Conference - Productivity Dynamics in the Great Stagnation: Evidence from British Businesses. The RES conference is an important forum for dissemination and discussion. Media briefing. |
Year(s) Of Engagement Activity | 2014 |
URL | http://webmeets.com/res/2014/m/viewpaper.asp?pid=596 |
Description | RES Special Session presentation |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | International |
Primary Audience | Other audiences |
Results and Impact | Presentation at a Royal Economic Society conference special session. Paper: Bank Credit Conditions and UK Company Performance. Discussion with senior policy makers and requests for further information. |
Year(s) Of Engagement Activity | 2014 |
Description | RES press release |
Form Of Engagement Activity | A press release, press conference or response to a media enquiry/interview |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Public/other audiences |
Results and Impact | Led to coverage in the Royal Economic Society newsletter October 2014. |
Year(s) Of Engagement Activity | 2014 |
URL | http://www.res.org.uk/details/mediabrief/6088811/PRODUCTIVITY-DYNAMICS-IN-THE-GREAT-STAGNATION.html |
Description | Resolution Foundation: Preparing for a higher wage floor |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Panel discussion concerning employer responses to the new National Living Wage. |
Year(s) Of Engagement Activity | 2015 |
Description | SRC June 2017 |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Policymakers/politicians |
Results and Impact | Discussant of a paper on credit markets and productivity at a Systemic Risk Centre conference "Schumpeter, Minsky, and the FCA: Exploring the links between financial regulation, growth, and stability". |
Year(s) Of Engagement Activity | 2017 |
URL | http://www.systemicrisk.ac.uk/events/schumpeter-minsky-and-fca-exploring-links-between-financial-reg... |
Description | Seminar, Bank of England, 17 February 2015 |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation to Bank of England staff of paper on "Bank Credit Conditions and their Influence on Productivity Growth: Company-level Evidence". Discussion led to useful recommendations for further lines of enquiry. |
Year(s) Of Engagement Activity | 2015 |
Description | Society of Labour Economists Conference 2015 |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Other audiences |
Results and Impact | Debate about the impacts of minimum wages on businesses in different economic circumstances and peer review of research. |
Year(s) Of Engagement Activity | 2015 |
Description | The Impact of the Financial Crisis on UK Company Performance - RES Special Session |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Type Of Presentation | workshop facilitator |
Geographic Reach | National |
Primary Audience | Other audiences |
Results and Impact | Organised a special session with Bank of England at the RES conference April 2014 on "The Impact of the Financial Crisis on UK Company Performance" involving key academics and senior policy makers. Talk stimulated discussion. Discussion with senior policy makers. Invitation and participation in roundtable discussion on the productivity puzzle at the Work Foundation. |
Year(s) Of Engagement Activity | 2014 |
URL | http://webmeets.com/res/2014/prog/viewsession.asp?sid=204 |
Description | The Impact of the Financial Crisis on UK Company Performance; Glasgow Economics seminar |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Other academic audiences (collaborators, peers etc.) |
Results and Impact | Presentation at University of Glasgow Economics Seminar series. Talk sparked questions and discussion. This talk led to further collaboration. |
Year(s) Of Engagement Activity | 2013 |
URL | http://www.gla.ac.uk/schools/business/research/researchevents/economics/ |
Description | University of Kent seminar |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | Regional |
Primary Audience | Professional Practitioners |
Results and Impact | Seminar. Presentation of "Distressed Banks, Distorted Decisions?" at University of Kent, Economics Department |
Year(s) Of Engagement Activity | 2019 |
Description | Using the ABS for research purposes at NIESR |
Form Of Engagement Activity | A formal working group, expert panel or dialogue |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Professional Practitioners |
Results and Impact | Presentation at ABS Microdata User Meeting Meeting with ONS Annual Business Survey team to illustrate research uses of the ABS business micro data facilitated via the UK Data Service - Secure Access portal. The meeting was organised by Richard Welpton at the UK Data Archive to enhance communication between ABS microdata users and providers. Engaged with ABS team to develop ABS userguide. |
Year(s) Of Engagement Activity | 2013 |
Description | WPEG 2014 Productivity Dynamics |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Type Of Presentation | paper presentation |
Geographic Reach | National |
Primary Audience | Other audiences |
Results and Impact | Presentation at the Work and Pensions Economics Group Annual Conference 2014. Paper presented - Productivity Dynamics in the Great Stagnation: Evidence from British Businesses. Dissemination of research findings. |
Year(s) Of Engagement Activity | 2014 |
URL | http://www.sheffield.ac.uk/economics/events/wpeg/conference/2014 |
Description | presentation at cluster event |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | National |
Primary Audience | Policymakers/politicians |
Results and Impact | Presentation of findings regarding - The Impact of the Financial Crisis on UK Company Performance - at NIESR SDAI Cluster Roundtable: Using Secondary Data Analysis to Research Economic Performance. NIESR June 2014 Discussion with policymakers regarding further research opportunities. |
Year(s) Of Engagement Activity | 2014 |