Productivity is a key determinant of the sustainability of the public finances. While the initial impact of Covid-19 on labor productivity growth shows a surprisingly positive impact, the impact on total factor productivity (TFP) is less clear. We evaluate this with new survey data on labor and...

We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based economic policy uncertainty, twitter chatter about economic uncertainty, subjective uncertainty about future business growth, and...

The impact of an economic shock depends both on its severity and the resilience of the economic response. Resilience can include the ability to relocate factors, for example, even when new technologies or skills are not yet at the ready. This resilience per se buffers production and has an...

We use a major new survey of UK firms, the Decision Maker Panel, to assess the impact of the June 2016 Brexit referendum. We identify three key results. First, the UK's decision to leave the EU has generated a large, broad and long-lasting increase in uncertainty. Second, anticipation of Brexit...

We use data from a large panel survey of UK firms to analyze the economic drivers of price setting since the start of the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not fall much during the negative initial pandemic demand...