We study the effects of firm-level microeconomic fluctuations on aggregate productivity in the United Kingdom. We show that a standard measure of residual productivity growth of the largest UK firms (the ‘granular residual') produces results that are counter-intuitive and not statistically...

We study two key characteristics of producers in a production network – size and centrality – and their relationship, which are intimately related to the extent of shock transmission in production networks, both at a macro and micro level. Our contributions are fourfold. First, we show...

In this paper we explore the link between monetary policy and market power. We start by establishing several facts on market power in UK markets using micro data. First, while no clear trend emerges for market concentration, market power measured by markups estimated at the firm level have...