TY - BOOK ID - 133971782 TI - Tracing Productivity Growth Channels in the UK AU - Garcia-Macia, Daniel. AU - Korosteleva, Julia. PY - 2021 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Macroeconomics KW - Economics: General KW - Labor KW - Production and Operations Management KW - Diseases: Contagious KW - Employment KW - Unemployment KW - Wages KW - Intergenerational Income Distribution KW - Aggregate Human Capital KW - Aggregate Labor Productivity KW - Innovation KW - Research and Development KW - Technological Change KW - Intellectual Property Rights: General KW - Economic Growth and Aggregate Productivity: General KW - Economywide Country Studies: Europe KW - Labor Demand KW - Production KW - Cost KW - Capital and Total Factor Productivity KW - Capacity KW - Macroeconomics: Production KW - Labor Economics: General KW - Economic & financial crises & disasters KW - Economics of specific sectors KW - Labour KW - income economics KW - Infectious & contagious diseases KW - Total factor productivity KW - Job creation KW - Productivity KW - Job destruction KW - Currency crises KW - Informal sector KW - Economics KW - Industrial productivity KW - Economic theory KW - Labor market KW - Labor economics UR - https://www.unicat.be/uniCat?func=search&query=sysid:133971782 AB - What drove the UK productivity slowdown post-GFC, and how is the post-Covid recovery expected to differ? This paper traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by incumbent firms on their own products, whereas creation of new varieties by entrants took a leading role post-GFC. In the Covid recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms’ products) is expected to gain importance. This emphasizes the need for growth policies that facilitate labor and capital reallocation across firms, in addition to R&D support. ER -