The Impact of Covid-19 on Productivity

• 成果类型: Article
• 署名作者: Bloom, Nicholas; Bunn, Philip; Mizen, Paul; Smietanka, Pawel; Thwaites, Gregory
• 署名单位: Stanford University; Bank of England; University of Nottingham; Deutsche Bundesbank
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01298
• 发表日期: 2025-01
• 页码: 28-41
• 关键词: dynamics

摘要

We analyze the impact of Covid-19 on productivity using datafrom an innovative monthly firm survey that asks for quantitative impactsof Covid-19 on inputs and outputs. We find thattotal factor productiv-ity (TFP) fell by up to 6% during 2020-2021. The overall impact com-bined large reductions in 'within-firm' productivity, with offsetting posi-tive 'between-firm' effects as less productive sectors, and less productive firms within them, contracted. Despite these large pandemic effects, firms'post-Covid forecasts imply surprisingly little lasting impact on aggregate TFP. We also see significant heterogeneity over firms and sectors, with thegreatest impacts in those requiring extensive in-person activity.