Centre for Economic Performance (CEP)

Staff Biography

[Photo: Nicholas OULTON] Mr Nicholas OULTON
Associate - Productivity and Innovation

Curriculum Vitae PDF 

Expertise: Productivity, competitiveness, role of ICT, measurement of living standards


Nicholas Oulton is a Senior Visiting Research Fellow at the Centre for Economic Performance at the London School of Economics. Until recently he also worked part time as a consultant to the Bank of England. He was a Visiting Professor in the Department of Economics, University College London, from 2005 to 2009, and a Senior Economist at the Bank of England from 1998 to 2003. Prior to then he was a Senior Research Fellow at the National Institute of Economic and Social Research, 1987-1998. He is the co-author of a 1994 book on UK manufacturing and has published numerous articles on productivity and competitiveness at the company, industry and whole economy level.

Current Areas of Research:

Nick's recent research focuses on three areas: 1. The role of ICT in explaining UK, US and European economic performance in the past and its likely importance in future growth.

2. The impact of the financial crisis on productivity and employment. The main issue here is, will the crisis leave productivity and/or employment permanently lower or will most economies (including the UK's) eventually get back on to the track they were on before the crisis hit?

3. The World Bank's latest estimates of Purchasing Power Parities (PPPs)show that the world is (apparently) both richer and more equal than we thought based on the World Bank's own earlier estimates. Nick's work focuses on understanding why such discrepancies arise and determining how they can be reconciled.

Selected Publications:

See FULL LIST of Publications

CEP Publications:

  • Space-Time (In)Consistency in the National Accounts: Causes and Cures
    Nicholas Oulton, May 2015
    Paper No' CEPDP1349: Read Abstract | Full paper (pdf)

  • Integrated Estimates of Capital Stocks and Services for the United Kingdom: 1950-2013
    Nicholas Oulton, Gavin Wallis, March 2015
    Paper No' CEPDP1342: Read Abstract | Full paper (pdf)

  • Medium and Long Run Prospects for UK Growth in the Aftermath of the Financial Crisis
    Nicholas Oulton, October 2013
    Paper No' CEPOP37: Read Abstract | Full paper (pdf)

  • Has the Growth of Real GDP in the UK been Overstated because of Mis-Measurement of Banking Output?
    Nicholas Oulton, January 2013
    Paper No' CEPOP33: Read Abstract | Full paper (pdf)

  • Long and Short-Term Effects of the Financial Crisis on Labour Productivity, Capital and Output
    Nicholas Oulton, María Sebastiá-Barriel, January 2013
    Paper No' CEPDP1185: Read Abstract | Full paper (pdf)
    This paper has been published as:
    Bank of England Working Paper No.470

  • Hooray for GDP!
    Nicholas Oulton, December 2012
    Paper No' CEPCP383: Read Abstract | Full paper (pdf)
    This article summarises ‘Hooray for GDP!’ by Nicholas Oulton, CEP Occasional Paper No.30, August 2012 and a submission to the LSE Growth Commission.

  • Hooray for GDP!
    Nicholas Oulton, August 2012
    Paper No' CEPOP30: Read Abstract | Full paper (pdf)

  • The Wealth and Poverty of Nations: True PPPs for 141 Countries
    Nicholas Oulton, September 2011
    Paper No' CEPDP1080: Read Abstract | Full paper (pdf)

  • Long Term Implications of the ICT Revolution: Applying the Lessons of Growth Theory and Growth Accounting
    Nicholas Oulton, November 2010
    Paper No' CEPDP1027: Read Abstract | Full paper (pdf)

  • Rates of Return and Alternative Measures of Capital Input: 14 Countries and 10 Branches, 1971-2005
    Nicholas Oulton, Ana Rincon-Aznar, November 2009
    Paper No' CEPDP0957: Read Abstract | Full paper (pdf)

  • How to Measure Living Standards and Productivity
    Nicholas Oulton, September 2009
    Paper No' CEPDP0949: Read Abstract | Full paper (pdf)

  • Convergence of Firm-Level Productivity, Globalisation, Information Technology and Competition: Evidence from France
    Paul-Antoine Chevalier, Rémy Lecat, Nicholas Oulton, March 2009
    Paper No' CEPDP0916: Read Abstract | Full paper (pdf)

  • How to measure the rising cost of living
    Nicholas Oulton, October 2008
    Paper No' CEPCP265: Read Abstract | Full paper (pdf)

  • Jeremy Greenwood and Per Krusell, 'Growth Accounting with Investment-Specific Technological Progress: A Discussion of Two Approaches' A Rejoinder
    Nicholas Oulton, June 2007
    Paper No' CEPDP0802: Read Abstract | Full paper (pdf)

  • Chain Indices of the Cost of Living and the Path-Dependence Problem: An Empirical Solution
    Nicholas Oulton, May 2007
    Paper No' CEPDP0797: Read Abstract | Full paper (pdf)

  • Productivity Growth and the Role of ICT in the UK: An Industry View, 1970-2000
    Nicholas Oulton, Sylaja Srinivasan, October 2005
    Paper No' EDSDP003: Full paper (pdf)

  • Ex Post Versus Ex Ante Measures of the User Cost of Capital
    Nicholas Oulton, July 2005
    Paper No' CEPDP0698: Read Abstract | Full paper (pdf)

  • Productivity Growth and the Role of ICT in the United Kingdom: An Industry View, 1970-2000
    Nicholas Oulton, Sylaja Srinivasan, March 2005
    Paper No' CEPDP0681: Read Abstract | Full paper (pdf)

  • A Statistical Framework for the Analysis of Productivity and Sustainable Development
    Nicholas Oulton, April 2004
    Paper No' CEPDP0629: Read Abstract | Full paper (pdf)