How Much Spare Capacity is There in the UK Economy?

10 Pages Posted: 8 Jul 2005

See all articles by Stephen Nickell

Stephen Nickell

University of Oxford - Nuffield Department of Medicine; Bank of England - Monetary Policy Committee

Abstract

In this paper, Stephen Nickell, member of the Bank's Monetary Policy Committee, analyzes the extent of spare capacity in the UK economy. The results indicate that the amount of spare capacity available in 2004 is greater than in 1999-2000, not very different from that in 2001-2003 and slightly less than in 1995-1998. On balance, there still appears to be some spare capacity available in the labor market, but within firms the overall situation is tight.

Suggested Citation

Nickell, Stephen, How Much Spare Capacity is There in the UK Economy?. Bank of England Quarterly Bulletin, Summer 2005, Available at SSRN: https://ssrn.com/abstract=754006

Stephen Nickell (Contact Author)

University of Oxford - Nuffield Department of Medicine ( email )

New Road
Oxford, OX1 1NF
United Kingdom

Bank of England - Monetary Policy Committee ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

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