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The Assessment: The New Economy

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  • Jonathan Temple

Abstract

The remarkable economic success of the United States in the 1990s led many observers to talk about a 'New Economy'. This paper provides an overview of the main issues, including faster productivity growth, the stability of inflation despite very low unemployment, the reduction in output volatility, the role of monetary policy, and the boom in the stock market. The paper also considers whether or not the acceleration in productivity growth can be sustained, and the possible implications for the rest of the world. Copyright 2002, Oxford University Press.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:oxford:v:18:y:2002:i:3:p:241-264
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    3. Alistair Dieppe & Jerome Henry & Peter Mc Adam, "undated". "Labour market dynamics in the euro area: A model-based sensitivity analysis," Modeling, Computing, and Mastering Complexity 2003 09, Society for Computational Economics.
    4. Fernando Alexandre, 2002. "Monetary Policy, Investment and Non-Fundamental Shocks," NIPE Working Papers 6/2002, NIPE - Universidade do Minho.
    5. Gavin Wallis, 2009. "Capital Services Growth in the UK: 1950 to 2006," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(6), pages 799-819, December.
    6. Pavel Neumann, 2014. "Do Developed Economies Have a Chance to Restore Manufacturing Production? [Mají rozvinuté ekonomiky šanci obnovit průmyslovou výrobu?]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(2), pages 3-16.
    7. Gavin Cameron & Chris Wallace, 2002. "Macroeconomic Performance in the Bretton Woods Era and After," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(4), pages 479-494.
    8. Jonathan Perraton, 2006. "Heavy Constraints on a “Weightless World”?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 641-691, July.
    9. Attfield, Cliff & Temple, Jonathan R.W., 2010. "Balanced growth and the great ratios: New evidence for the US and UK," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 937-956, December.
    10. Qin, Duo, 2006. "Is China's growing service sector leading to cost disease?," Structural Change and Economic Dynamics, Elsevier, vol. 17(3), pages 267-287, September.
    11. Mariano Sana, 2010. "Immigrants and natives in U.S. science and engineering occupations, 1994–2006," Demography, Springer;Population Association of America (PAA), vol. 47(3), pages 801-820, August.
    12. Cliff L.F. Attfield & Jonathan R.W. Temple, 2003. "Measuring trend output: how useful are the Great Ratios?," Bristol Economics Discussion Papers 03/555, School of Economics, University of Bristol, UK.
    13. David, Freshwater, 2013. "Modernizing Rural Economies: Strengthening Economic Growth in the 21st Century," Staff Papers 174107, University of Kentucky, Department of Agricultural Economics.
    14. Jonathan Temple & Cliff Attfield, 2004. "Measuring trend growth: how useful are the great ratios?," Money Macro and Finance (MMF) Research Group Conference 2003 101, Money Macro and Finance Research Group.

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    More about this item

    JEL classification:

    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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