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The Measurement of Productivity and Market Structure in the UK

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  • Caporale, Guglielmo Maria

Abstract

This paper explains how the Solow residual should be adjusted to provide a correct measure of productivity when markets are not perfectly competitive. Although the null hypothesis of a unity mark-up coefficient cannot be rejected, values greater than one also lie within the confidence interval. Hence the adjustment for imperfect competition should be carried out. The finding that the average mark-up coefficient in the UK is lower than in the US might reflect the higher degree of intra-EC import competition. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Caporale, Guglielmo Maria, 1994. "The Measurement of Productivity and Market Structure in the UK," Bulletin of Economic Research, Wiley Blackwell, vol. 46(1), pages 61-70, January.
    • Handle: RePEc:bla:buecrs:v:46:y:1994:i:1:p:61-70
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    References listed on IDEAS

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    1. Alexis Jacquemin, 1982. "Imperfect Market Structure And International Trade ‐ Some Recent Research," Kyklos, Wiley Blackwell, vol. 35(1), pages 75-93, February.
    2. Paul A. GEROSKI & Alexis Jacquemin, 1981. "Imports as a Competitive Discipline," Discussion Papers (REL - Recherches Economiques de Louvain) 1981031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
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