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Are ICT Spillovers Driving the New Economy?

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Author Info
Stiroh, Kevin J

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Abstract

Some observers have raised the possibility that production spillovers and network effects associated with information and communications technology (ICT) are an important part of the "New Economy." Across U.S. manufacturing industries, however, ICT capital appears correlated with the acceleration of average labor productivity (ALP) growth as predicted by a standard production model, but not with total factor productivity (TFP) growth as these New Economy forces imply. Once one allows for productivity differences across industries, measured TFP growth is uncorrelated with all capital inputs, including ICT capital. This provides little evidence for a New Economy story of ICT-related spillovers or network effects driving TFP growth throughout U.S. manufacturing. Copyright 2002 by The International Association for Research in Income and Wealth.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Income & Wealth.

Volume (Year): 48 (2002)
Issue (Month): 1 (March)
Pages: 33-57
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Handle: RePEc:bla:revinw:v:48:y:2002:i:1:p:33-57

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  1. Meijers, Huub, 2007. "ICT Externalities: Evidence from cross country data," UNU-MERIT Working Paper Series 021, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
  2. Robert Inklaar & Marcel P. Timmer & Bart van Ark, 2006. "Mind the gap! International comparisons of productivity in services and goods production," Hi-Stat Discussion Paper Series d06-175, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
    Other versions:
  3. Nicholas Oulton & Sylaja Srinivasan, 2005. "Productivity Growth and the Role of ICT in the United Kingdom: An Industry View, 1970-2000," CEP Discussion Papers dp0681, Centre for Economic Performance, LSE. [Downloadable!]
  4. Hashmat Khan & Marjorie Santos, 2002. "Contribution of ICT Use to Output and Labour-Productivity Growth in Canada," Working Papers 02-7, Bank of Canada. [Downloadable!]
  5. Nicholas Oulton & Sylaja Srinivasan, . "Productivity growth in UK industries, 1970-2000: structural change and the role of ICT," Bank of England working papers 259, Bank of England. [Downloadable!]
  6. John Fernald & Shanthi Ramnath, 2004. "The acceleration in U.S. total productivity after 1995: the role of information technology," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 52-67. [Downloadable!]
  7. Danny Leung, 2004. "The Effect of Adjustment Costs and Organizational Change on Productivity in Canada: Evidence from Aggregate Data," Working Papers 04-1, Bank of Canada. [Downloadable!]
  8. Hempell, Thomas & van Leeuwen, George & van der Wiel, Henry, 2004. "ICT, Innovation and Business Performance in Services : Evidence for Germany and the Netherlands," ZEW Discussion Papers 04-06, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  9. Daniel Wilson, 2004. "IT and Beyond: The Contribution of Heterogenous Capital to Productivity," Working Papers 04-20, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
    Other versions:
  10. Chris Forman & Avi Goldfarb & Shane Greenstein, 2002. "Digital Dispersion: An Industrial and Geographic Census of Commerical Internet Use," NBER Working Papers 9287, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Paola Caselli & Francesco Paternò, 2001. "ICT accumulation and productivity growth in the United States: an analysis based on industry data," Temi di discussione (Economic working papers) 419, Bank of Italy, Economic Research Department. [Downloadable!]
  12. Temple, Jonathan, 2002. "An Assessment of the New Economy," CEPR Discussion Papers 3597, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  13. Whelan, Karl, 2005. "Embodiment, Productivity, and the Age Distribution of Capital," MPRA Paper 5912, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  14. Richard Nahuis & Henry van der Wiel, 2005. "How Should Europe's ICT Ambitions look like? An Interpretative Review of the Facts," Working Papers 05-22, Utrecht School of Economics. [Downloadable!]
  15. Ronald M. Albers, 2002. "New technologies and productivity growth in the Euro area," Working Paper Series 122, European Central Bank. [Downloadable!]
  16. Danny Leung, 2004. "The Effect of Adjustment Costs and Organizational Change on Productivity in Canada: Evidence from Aggregate Data," International Productivity Monitor, Centre for the Study of Living Standards, vol. 9, pages 52-61, Fall. [Downloadable!]
  17. Danny Leung & Yi Zheng, 2008. "What Affects MFP in the Long-Run? Evidence from Canadian Industries," Working Papers 08-4, Bank of Canada. [Downloadable!]
  18. Henry van der Wiel & George van Leeuwen, 2003. "Do ICT spillovers matter? Evidence from Dutch firm-level data," CPB Discussion Papers 26, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  19. Kiyohiko G. Nishimura & Kazunori Minetaki & Masato Shirai & Futoshi Kurokawa, 2002. "Effects of Information Technology and Aging Work Force on Labor Demand and Technological Progress in Japanese Industries: 1980-1998," CIRJE F-Series CIRJE-F-145, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  20. FUKAO Kyoji & MIYAGAWA Tsutomu, 2007. "Productivity in Japan, the US, and the Major EU Economies: Is Japan Falling Behind?," Discussion papers 07046, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
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