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Non-structural and Structural Models in Productivity Analysis: Study of the British Isles during the 2007-2009 Financial Crisis

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  • Gong, Binlei

    (Zhejiang University)

  • Sickles, Robin C.

    (Rice University)

Abstract

The paper reviews and provides an extension of the benefits and drawbacks of the non-structural Stochastic Frontier Analysis (SFA) paradigm, as well as other number index-based procedures that we will utilize in the analysis. We then compare SFA with two structural models: the Pakes McGuire Model (PMM) (Pakes, Gowrisankaran and McGuire 1993) and the Midrigan and Xu Model (MXM) (Midrigan and Xu 2014). All three methods are used to estimate changes in firm-level productivity in the British Isles before and after the 2007-2009 financial crisis under the canonical single production assumption. The empirical results indicate that overall productivity was not impacted to any substantial degree by the financial crisis, according to both SFA and the PMM. However, the productivity loss estimated by MXM due to financial friction from the recession was substantial.

Suggested Citation

  • Gong, Binlei & Sickles, Robin C., 2016. "Non-structural and Structural Models in Productivity Analysis: Study of the British Isles during the 2007-2009 Financial Crisis," Working Papers 16-004, Rice University, Department of Economics.
    • Handle: RePEc:ecl:riceco:16-004
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G01 - Financial Economics - - General - - - Financial Crises
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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