van Ark, B., O’Mahony, M. and Timmer, M.P. (2008). “The productivity gap between Europe and the United States”, Journal of Economic Perspectives, 22(1), 25–44.CrossRefGoogle Scholar

Bakhshi, H. and Larsen, J. (2005). “ICT-specific technological progress in the United Kingdom”, Journal of Macroeconomics, 27(4), 648–669.CrossRefGoogle Scholar

Barnes, S., Price, S. and Sebastiá-Barriel, M. (2008). “The elasticity of substitution: evidence from a UK firm-level data set”, Bank of England Working Paper No. 348.Google Scholar

Barrell, R., Davis, P., Karim, D. and Liadze, I. (2010). “The effects of banking crises on productive potential output in OECD countries”, National Institute of Economic and Social Research Discussion Paper 358.Google Scholar

Barro, R. (1979). “On the determination of the public debt”, Journal of Political Economy, 87(5), 940–971.CrossRefGoogle Scholar

Barro, R.J. and Sala-i-Martin, X. (1995). Economic Growth. New York: McGraw-Hill, Inc.Google Scholar

Basu, S., Fernald, J., Oulton, N. and Srinivasan, S. (2004). “The case of the missing productivity growth: or, does information technology explain why productivity accelerated in the United States but not in the United Kingdom?”. In NBER Macroeconomics Annual 2003 (edited by , Mark Gertler, and , Kenneth , Rogoff), Cambridge, MA: The MIT Press. Reprinted in The Economics of Productivity (The International Library of Critical Writings in Economics 236), edited by Dale W. Jorgenson, 2009. Cheltenham, UK: Edward Elgar. [Discussion paper version: http://papers.nber.org/papers/w10010].Google Scholar

Bell, V., Burriel-Llombart, P. and Jones, J. (2005). “A quality-adjusted labour input series for the United Kingdom (1975–2002)”, Bank of England Working Paper No. 280; available at http://www.bankofengland.co.uk/publications/workingpapers/wp280.pdf.Google Scholar

Ben-David, D., Lumsdaine, R.L. and Papell, D.H. (2003). “Unit roots, postwar slowdowns and long run growth: evidence from two structural breaks”, Empirical Economics, 28(2), 303–319.CrossRefGoogle Scholar

Broadberry, S.N. and Crafts, N.F.R. (1992). “Britain’s productivity gap in the 1930s: some neglected factors”, Journal of Economic History, 52, 531–558.CrossRefGoogle Scholar

Brown, W., Deakin, S., and Ryan, P. (1997). “The effects of British industrial relations legislation 1979–97”, National Institute Economic Review, 161, 69–83.CrossRefGoogle Scholar

Burgess, S. (2011), “Measuring financial sector output and its contribution to GDP”, Bank of England Quarterly Bulletin, 2011 Q3, 234–246.Google Scholar

Cerra, V. and Saxena, S.C. (2008). “Growth dynamics: the myth of economic recovery”, American Economic Review, 98, 439–457.CrossRefGoogle Scholar

Cette, G. and Lopez, J. (2008). “What explains the ICT diffusion gap between the major advanced countries? An empirical analysis”, International Productivity Monitor, 17 (Fall), 28–39.Google Scholar

Cette, G., Mairesse, J. and Kocoglu, Y. (2005). “ICT and potential output growth”, Economics Letters, 87(2), 231–234.CrossRefGoogle Scholar

Corder, M. and Weale, M. (2011). “Banking crises and recessions: what can leading indicators tell us?” Bank of England, External MPC Unit, Discussion Paper No. 33.Google Scholar

Corrado, C., Hulten, C. and Sichel, D. (2009). “Intangible capital and U.S. economic growth”, Review of Income and Wealth, 55(3), 661–685.CrossRefGoogle Scholar

Crafts, N. (2013). “Long term growth in Europe: what difference does the crisis make?” National Institute Economic Review, 224, R14–R28.CrossRefGoogle Scholar

Crafts, N. and Fearon, P. (2010). “Lessons from the 1930s Great Depression”, Oxford Review of Economic Policy, 26(3), 285–317.CrossRefGoogle Scholar

Dale, S. (2011), “Productivity and monetary policy”, speech to the South Tyneside Manufacturing Forum. http://www.bankofengland.co.uk/publications/Documents/speeches/2011/speech519.pdf.Google Scholar

Disney, R.F., Haskel, J. and Heden, Y. (2003). “Restructuring and productivity growth in UK manufacturing”, Economic Journal, 113(489), 666–694.CrossRefGoogle Scholar

Faccini, R. and Hackworth, C. (2010). “Changes in output, employment and wages during recessions in the United Kingdom”, Bank of England Quarterly, 2010 Q1, 43–50.Google Scholar

Field, S. and Franklin, M. (2014). “Multi-factor productivity, indicative estimates to 2012”. http://www.ons.gov.uk/ons/rel/icp/multi-factor-productivity--experimental-/indicative-estimates-to-2012/art-indicative-estimates-to-2012.html.Google Scholar

Franklin, M. and Mistry, P. (2013). “Quality-adjusted labour input: estimates to 2011 and first estimates to 2012”. http://www.ons.gov.uk/ons/rel/icp/quality-adjusted-labour-input--experimental-/estimates-to-2011-and-first-estimates-for-2012/art-estimates-to-2011-and-first-estimates-to-2012.html.Google Scholar

Furceri, D and Mouragane, A (2009). “The effect of financial crises on potential output: new empirical evidence from OECD countries”, OECD Economics Department Working Papers No. 699.Google Scholar

Furceri, D. and Mourougane, A. (2012). “The effect of financial crises on potential output: new empirical evidence from OECD countries”, Journal of Macroeconomics, 34, 822–832.CrossRefGoogle Scholar

Goodridge, P., Haskel, J. and Wallis, G. (2013). “Can intangible investment explain the UK productivity puzzle?” National Institute Economic Review, 224, R48–R58.CrossRefGoogle Scholar

Hannah, L. and Temin, P. (2010). “Long term supply implications of the Great Depression”, Oxford Review of Economic Policy, 26(3), 561–580.CrossRefGoogle Scholar

Hansen, G. and Imrohoroglu, S. (2013). “Fiscal reform and government debt in Japan: a neo-classical perspective”. NBER Working Paper No. 19431.Google Scholar

Hayashi, F. and Prescott, E.C. (2002). “The 1990s in Japan: a lost decade”, Review of Economic Dynamics, 5, 206–235.CrossRefGoogle Scholar

Herndon, T., Ash, M. and Pollin, R. (2013). “Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff”, Political Economy Research Institute, University of Massachusetts Amherst, Working Paper No. 322. http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_301-350/WP322.pdf.Google Scholar

Hughes, A. and Saleheen, J. (2012). “UK labour productivity since the onset of the crisis — an international and historical perspective”, Bank of England Quarterly Bulletin, 2012 Q2, 138–146.Google Scholar

International Monetary Fund (2009). “What is the damage? Medium term output dynamics after financial crises”, World Economic Outlook, October, chapter 4, pp. 121–151.Google Scholar

Jordà, O., Schularick, M. and Taylor, A.M. (2012). “When credit bites back: leverage, business cycles, and crises”, Federal Reserve Bank of San Francisco Working Paper No. 2011–27. http://www.frbsf.org/publications/economics/papers/2011/wp11-27bk.pdf.Google Scholar

Jorgenson, D.W. and Stiroh, K.J. (2000a), “U.S. economic growth at the industry level”, American Economic Review, Papers and Proceedings, 90, 161–168.Google Scholar

Jorgenson, D.W. and Stiroh, K.J. (2000b), “Raising the speed limit: U.S. economic growth in the information age”, Brookings Papers on Economic Activity, (1), 125–211.CrossRefGoogle Scholar

Jorgenson, D.W., Ho, M.S. and Stiroh, K.J. (2004), “Will the U.S. productivity resurgence continue?”, Federal Reserve Bank of New York, Current Issues in Economics and Finance, 10(3), 1–7.Google Scholar

Jorgenson, D.W., Ho, M.S. and Stiroh, K.J. (2005), ‘Growth in U.S. industries and investments in information technology and higher education’. In Corrado, , , C., Haltiwanger, , , J. and Hulten, , , C.R. (eds), Measuring Capital in the New Economy. Chicago: University of Chicago Press.Google Scholar

Jorgenson, D.W., Ho, M.S. and Stiroh, K.J. (2007), “A retrospective look at the U.S. productivity growth resurgence”, Federal Reserve Bank of New York, Staff Reports No. 277; available at http://www.newyorkfed.org/research/staff_reports/sr277.html.CrossRefGoogle Scholar

Keynes, J.M. (1936[1961]). The General Theory of Employment, Interest and Money. London: Macmillan & Co Ltd.Google Scholar

Koo, R.C. (2008). The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession. Singapore: John Wiley and Son (Asia) Pte. Ltd.Google Scholar

Krugman, P.R. (1998). “It's baaack: Japan's slump and the return of the liquidity trap”, Brookings Papers on Economic Activity, 2, 137–205.Google Scholar

LSE Growth Commission (2013). “Investing for Prosperity: Skills, Infrastructure and Innovation” (P. Aghion, T. Besley, J. Brown, F. Caselli, R. Lambert, R. Lomax, C. Pissarides, N. Stern and J. Van Reenen). Centre for Economic Performance, London School of Economics and Political Science. (http://www.lse.ac.uk/researchAndExpertise/units/growthCommission/documents/pdf/LSEGC-Report.pdf).Google Scholar

Marrano, M.G., Haskel, J. and Wallis, G. (2009). “What happened to the knowledge economy? ICT, intangible investment, and Britain’s productivity record revisited”, Review of Income and Wealth, 55(3), 686–716.CrossRefGoogle Scholar

Martin, B. (2001). “American potential”, UBS Asset Management, mimeo.Google Scholar

Martin, B. (2011). “Is the British economy supply constrained: a critique of productivity pessimism”. Centre for Business Research, University of Cambridge.Google Scholar

Martin, B. and Rowthorn, R. (2012). “Is the British economy supply constrained II? A renewed critique of productivity pessimism”. Centre for Business Research, University of Cambridge.Google Scholar

OECD (2013). Education at a glance 2013. Paris. http://www.keepeek.com/Digital-Asset-Management/oecd/education/education-at-a-glance-2013_eag-2013-en.Google Scholar

Office for Budget Responsibility (2013). Fiscal Sustainability Report. http://budgetresponsibility.independent.gov.uk/fiscal-sustainability-report-july-2013/.Google Scholar

Office for National Statistics (2013a). Labour Market Statistics. http://www.ons.gov.uk/ons/dcp171778_315111.pdf.Google Scholar

Office for National Statistics (2013b). Business investment, Q1 2013 results. http://www.ons.gov.uk/ons/dcp171778_316065.pdf.Google Scholar

Oliner, S.D. and Sichel, D.E. (2000), “The resurgence of growth in the late 1990s: is information technology the story?”, Journal of Economic Perspectives, 14(4), 3–22.CrossRefGoogle Scholar

Oliner, S.D. and Sichel, D.E. (2002), “Information technology and productivity: where are we now and where are we going?”, Federal Reserve Bank of Atlanta Review, 87(3), 15–44.Google Scholar

Oliner, S.D., Sichel, D.E. and Stiroh, K.J. (2007), “Explaining a productive decade”, Brookings Papers on Economic Activity, (1), 81–152.Google Scholar

O’Mahony, M. and Timmer, M.P. (2009). “Output, input and productivity measures at the industry level: the EU KLEMS database”, The Economic Journal.CrossRefGoogle Scholar

Oulton, N. (1995). “Supply side reform and UK economic growth: what happened to the miracle?” National Institute Economic Review, 154, 53–70.CrossRefGoogle Scholar

Oulton, N. (2000). “A tale of two cycles: closure, downsizing and productivity growth in UK manufacturing, 1973–89”, National Institute Economic Review, 173, 66–80.CrossRefGoogle Scholar

Oulton, N. (2002). “ICT and productivity growth in the UK”. Oxford Review of Economic Policy, 18(3), 363–379. Reprinted in The Economics of Productivity (The International Library of Critical Writings in Economics 236), edited by Dale W. Jorgenson, 2009. Cheltenham, UK: Edward Elgar.CrossRefGoogle Scholar

Oulton, N. (2007). “Investment-specific technological change and growth accounting”, Journal of Monetary Economics, 54(4), 1290–1299.CrossRefGoogle Scholar

Oulton, N. (2010). “Long term implications of the ICT revolution: applying the lessons of growth accounting and growth theory”. Centre for Economic Performance, Discussion Paper No. 1027. http://cep.lse.ac.uk/pubs/download/dp1027.pdf.Google Scholar

Oulton, N. (2012). “Long term implications of the ICT revolution: applying the lessons of growth accounting and growth theory”. Economic Modelling, 29, 1722–1736.CrossRefGoogle Scholar

Oulton, N. (2013a). “Has the growth of real GDP in the UK been overstated because of mis-measurement of banking output?” National Institute Economic Review, May, 224, R59–R65.CrossRefGoogle Scholar

Oulton, N. (2013b). “Medium and long run prospects for UK growth in the aftermath of the financial crisis”. Centre for Economic Performance, Occasional Paper No. 37, October 2013, and Centre for Macroeconomics Discussion Paper No. CFMDP2013-7, December 2013. http://cep.lse.ac.uk/pubs/download/occasional/op037.pdf; http://www.centreformacroeconomics.ac.uk/pdf/CFMDP2013-7-non-technical-summary.pdf.Google Scholar

Oulton, N. and Rincon-Aznar, A. (2012). “Rates of return and alternative measures of capital input: 14 countries and 10 branches, 1971–2005”. In Industrial Productivity in Europe: Growth and Crisis, edited by , Mathilde Mas, and , Robert Stehrer, , Edward Elgar. Discussion paper version: http://cep.lse.ac.uk/pubs/download/dp0957.pdf.Google Scholar

Oulton, N. and Sebastiá-Barriel, M. (2013). “Long and short-term effects of the financial crisis on labour productivity, capital and output”. Bank of England Working Paper No. 470 and Centre for Economic Performance, Discussion Paper No. 1185. http://www.bankofengland.co.uk/publications/Documents/workingpapers/wp470.pdf; http://cep.lse.ac.uk/pubs/download/dp1185.pdf.Google Scholar

Oulton, N. and Srinivasan, S. (2005), “Productivity growth in UK industries, 1970-2000: structural change and the role of ICT”, Bank of England Working Paper No. 259.Google Scholar

Papell, D. and Prodan, R. (2011). “The statistical behaviour of GDP after financial crises and severe recessions”, paper prepared for the Federal Reserve Bank of Boston conference on “Long-Term Effects of the Great Recession”.CrossRefGoogle Scholar

Perron, P. (1989). “The great crash, the oil price shock and the unit root hypothesis”, Econometrica, 57(6), 1361–1401.CrossRefGoogle Scholar

Pessoa, J.P. and Van Reenen, J. (2013). “The UK productivity and jobs puzzle: does the answer lie in labour market flexibility?”. Centre for Economic Performance Special Paper No. 31.Google Scholar

Reinhart, C.M. and Rogoff, K.S. (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press.Google Scholar

Reinhart, C.M. and Rogoff, K.S. (2010). “Growth in a time of debt”, American Economic Review, 100(2), 573–578.CrossRefGoogle Scholar

Reinhart, C.M. and Rogoff, K.S. (2011). “From financial crisis to debt crisis”, American Economic Review, 101, 1676–1706.CrossRefGoogle Scholar

Reinhart, C.M., Reinhart, V.R. and Rogoff, K.S. (2012). “Public debt overhangs: advanced-economy episodes since 1800”, Journal of Economic Perspectives, 26(3), 69–86.CrossRefGoogle Scholar

Reinhart, C.M. and Rogoff, K.S. (5, 2013). Errata: “Growth in a time of debt”. http://www.carmenreinhart.com/user_uploads/data/36_data.pdf.Google Scholar

Schreyer, P. (2002), ‘Computer price indices and international growth and productivity comparisons’, Review of Income and Wealth, 48, 33–57.CrossRefGoogle Scholar

Stiroh, K.J. (2002), “Information technology and the U.S. productivity revival: what do the industry data say?”, American Economic Review, 92, 1559–1576.CrossRefGoogle Scholar

UK Debt Management Office. (2013). Quarterly Review April–June 2013. www.dmo.gov.uk.Google Scholar

Ulman, L. (1968). “Collective bargaining and industrial efficiency”. Chapter VIII of R E Caves and associates, Britain’s Economic Prospects. Washington: The Brookings Institution.Google Scholar

Van Reenen, J. (2013). “Productivity under the 1997–2010 Labour government”, Oxford Review of Economic Policy, 29(1), 113–141.CrossRefGoogle Scholar

Whelan, K. (2001). “A two-sector approach to modeling U.S. NIPA data”, Journal of Money, Credit and Banking, 35, 627–656.CrossRefGoogle Scholar