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Technological Epochs and British Industrial Production, 1700-1992

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  • Greasley, David
  • Oxley, Les

Abstract

This paper presents results on the persistence of British industrial production using the Cochrane (1988) measure, based upon the spectral density at zero frequency, and an extended version of the Crafts-Harley (1992) data set. Utilizing results on the timing of macroeconomic epochs, consideration is given to the effects of structural breaks on measures of persistence. The results show high persistence during the British Industrial Revolution and lower levels of persistence experienced during the twentieth century. The problems of ignoring structural breaks when calculating measures of persistence are highlighted and used to explain the results of some previous studies. Copyright 1996 by Scottish Economic Society.

Suggested Citation

  • Greasley, David & Oxley, Les, 1996. "Technological Epochs and British Industrial Production, 1700-1992," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 258-274, August.
    • Handle: RePEc:bla:scotjp:v:43:y:1996:i:3:p:258-74
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    Cited by:

    1. Greasley, David & Oxley, Les, 1998. "Comparing British and American Economic and Industrial Performance 1860-1993: A Time Series Perspective," Explorations in Economic History, Elsevier, vol. 35(2), pages 171-195, April.
    2. David Greasley & Les Oxley, 1997. "Shock Persistence and Structural Change," The Economic Record, The Economic Society of Australia, vol. 73(223), pages 348-362, December.
    3. Greasley, David & Oxley, Les, 2000. "British Industrialization, 1815-1860: A Disaggregate Time-Series Perspective," Explorations in Economic History, Elsevier, vol. 37(1), pages 98-119, January.

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