IDEAS home Printed from https://ideas.repec.org/a/ces/ifosdt/v54y2001i05p16-21.html
   My bibliography  Save this article

Is there a "new economy"? Effects on the American production potential

Author

Listed:
  • Gebhard Flaig

Abstract

The high growth rates of American GDP in recent years have raised the question of whether this was "only" a result of the strong cyclical boom or whether the long-term growth rates of production potential have also increased. Numerous commentators support the thesis that the "new-economy" effects have induced a permanent thrust of economic growth. An analysis of the growth rates of the American economy over the past five decades with the help of an econometric time-series model indicates however that America experienced a cyclical boom in the 1990s that is now coming to an end.

Suggested Citation

  • Gebhard Flaig, 2001. "Is there a "new economy"? Effects on the American production potential," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(05), pages 16-21, October.
    • Handle: RePEc:ces:ifosdt:v:54:y:2001:i:05:p:16-21
    as

    Download full text from publisher

    File URL: https://www.ifo.de/DocDL/ifosd_2001_5_3.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ignazio Visco, 2001. "Challenges and Risks for the World Economy," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(01), pages 3-13, October.
    2. Gebhard Flaig, 2000. "Arbeitstageeffekt und Bruttoinlandsprodukt : eine empirische Analyse mit einem strukturellen Komponentenmodel," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(22-23), pages 12-17, August.
    3. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May.
    4. Bernhard Felderer, 2001. "Why do the long-term growth and productivity trends of Europe and the US differ?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(01), pages 15-23, March.
    5. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
    6. Gebhard Flaig, 2000. "Working day effects on GDP," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(22), pages 12-17, August.
    7. Wolfgang Nierhaus, 2001. "Economic growth in national accounting: a comparison between Germany and the U.S," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(03), pages 41-51, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hans-Günther Vieweg & Carsten Dreher & Herbert Hofmann & Steffen Kinkel & Gunter Lay & Ulrich Schmoch, 2002. "Mechanical engineering in the age of globalisation and the New Economy," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 9.
    2. Klaus Abberger & Gebhard Flaig & Wolfgang Nierhaus, 2007. "ifo Konjunkturumfragen und Konjunkturanalyse : ausgewählte methodische Aufsätze aus dem ifo Schnelldienst," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 33.
    3. Harm Bandholz & Gebhard Flaig & Johannes Mayr, 2005. "Growth and economic activity in OECD countries: A long-term perspective," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 58(04), pages 28-36, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Klaus Abberger & Gebhard Flaig & Wolfgang Nierhaus, 2007. "ifo Konjunkturumfragen und Konjunkturanalyse : ausgewählte methodische Aufsätze aus dem ifo Schnelldienst," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 33.
    2. Gebhard Flaig, 2002. "Unoberserved Components Models for Quarterly German GDP," CESifo Working Paper Series 681, CESifo.
    3. Flor Michael, 2014. "Post reunification economic fluctuations in Germany: a real business cycle interpretation," Review of Business and Economics Studies, CyberLeninka;Федеральное государственное образовательное бюджетное учреждение высшего профессионального образования «Финансовый университет при Правительстве Российской Федерации» (Финансовый университет), issue 4, pages 5-17.
    4. Erich Langmantel, 2001. "Are business cycles in Euroland similar?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(06), pages 53-54, October.
    5. Michael Flor, 2014. "Post Reunification Economic Fluctuations in Germany: A Real Business Cycle Interpretation," Working Papers 146, Bavarian Graduate Program in Economics (BGPE).
    6. Sharon McCaw, 2007. "Stylised facts about New Zealand business cycles," Reserve Bank of New Zealand Discussion Paper Series DP2007/04, Reserve Bank of New Zealand.
    7. Lucian Croitoru, 2016. "Are We Systematically Wrong when Estimating Potential Output and the Natural Rate of Interest?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 128-151, June.
    8. Drew Creal & Siem Jan Koopman & Eric Zivot, 2008. "The Effect of the Great Moderation on the U.S. Business Cycle in a Time-varying Multivariate Trend-cycle Model," Tinbergen Institute Discussion Papers 08-069/4, Tinbergen Institute.
    9. Karl Whelan, 2002. "Computers, Obsolescence, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 445-461, August.
    10. Ahn, Sanghoon, 2003. "Technology Upgrading with Learning Cost," CEI Working Paper Series 2003-21, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    11. Jonathan Temple, 2002. "The Assessment: The New Economy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(3), pages 241-264.
    12. Hashmat Khan & Marjorie Santos, 2002. "Contribution of ICT Use to Output and Labour-Productivity Growth in Canada," Staff Working Papers 02-7, Bank of Canada.
    13. Orlando Gomes, 2007. "Investment in organizational capital," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 107-113.
    14. Michael Artis, 1999. "The UK and EMU," Palgrave Macmillan Books, in: David Cobham & George Zis (ed.), From EMS to EMU: 1979 to 1999 and Beyond, chapter 7, pages 161-180, Palgrave Macmillan.
    15. Bussolo Maurizio & de Hoyos Rafael E. & Medvedev Denis & van der Mensbrugghe Dominique, 2012. "Global Growth and Distribution: China, India, and the Emergence of a Global Middle Class," Journal of Globalization and Development, De Gruyter, vol. 2(2), pages 1-29, January.
    16. Kiley, Michael T., 2001. "Computers and growth with frictions: aggregate and disaggregate evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 171-215, December.
    17. Alberto Chilosi, 2014. "The Economic System as an End or as a Means, and the Future of Socialism: An Evolutionary Viewpoint," Palgrave Studies in the History of Economic Thought, in: Riccardo Bellofiore & Ewa Karwowski & Jan Toporowski (ed.), Economic Crisis and Political Economy, chapter 1, pages 10-28, Palgrave Macmillan.
    18. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2008. "A Retrospective Look at the U.S. Productivity Growth Resurgence," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 3-24, Winter.
    19. Szalavetz, Andrea, 2002. "Az informatikai szektor és a felzárkózó gazdaságok [The informatics sector and the advancing economies]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 794-804.
    20. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," GRU Working Paper Series GRU_2018_016, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.

    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ifosdt:v:54:y:2001:i:05:p:16-21. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/ifooode.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.