The impact of the 2008 financial crisis on dynamic productivity growth of the Spanish food manufacturing industry. An impulse response analysis
利用西班牙肉类、乳制品和油脂企业的微观数据，通过脉冲响应分析发现2008年金融危机对不同行业动态生产率增长的影响方向与持续时间各异，且企业规模是重要影响因素。
The emergence of a financial crisis is an event that can impact the fortunes of nearly all economic agents. The focus here is on the 2008 financial crisis and how firms’ productivity growth was impacted by this crisis in the years that followed. This article focuses on dynamic productivity growth and its components using a firm-level data set of Spanish meat processing, dairy processing, and oils and fats firms. The impulse response analysis shows that the impact of the crisis on dynamic productivity growth is negative and persistent in the oils and fats industry, initially positive but then negative in the meat processing industry, and positive in the dairy processing industry. The observed magnitudes of change in indicator are between 2% and 5% for oils and fats industries, and of 1% in both dairy and meat industries. Our analysis further confirms that firms’ size is an important factor in explaining how crisis impacts dynamic productivity growth and its components, while we find only slight evidence regarding the firms’ experience in the market.