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Productivity Growth and the Role of ICT in the United Kingdom: An Industry View, 1970-2000

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Author Info
Nicholas Oulton
Sylaja Srinivasan

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Abstract

We use a new industry-level dataset to quantify the role of ICT in explaining productivitygrowth in the UK, 1970-2000. The dataset is for 34 industries covering the whole economy(31 in the market sector). Using growth accounting, we find that ICT capital played anincreasingly important, and in the 1990s the dominant, role in accounting for labourproductivity growth in the market sector. Econometric evidence also supports an importantrole for ICT. We also find econometric evidence that a boom in complementary investment inthe 1990s could have led to a decline in the conventional measure of TFP growth.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0681.

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Date of creation: Mar 2005
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Handle: RePEc:cep:cepdps:dp0681

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Related research
Keywords: productivity; TFP; ICT;

Find related papers by JEL classification:
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity

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  1. Bresnahan, Timothy F. & Trajtenberg, M., 1995. "General purpose technologies 'Engines of growth'?," Journal of Econometrics, Elsevier, vol. 65(1), pages 83-108, January. [Downloadable!] (restricted)
    Other versions:
  2. Paul Schreyer, 2000. "The Contribution of Information and Communication Technology to Output Growth: A Study of the G7 Countries," OECD Science, Technology and Industry Working Papers 2000/2, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
  3. Robert J. Gordon, 2003. "Exploding Productivity Growth: Context, Causes, and Implications," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2003-2), pages 207-298. [Downloadable!]
  4. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD, Economics Department. [Downloadable!]
    Other versions:
  5. Z, Griliches ; Jacques Mairesse, . "Production Functions : The Search for Identification," Working Papers 97-30, Centre de Recherche en Economie et Statistique. [Downloadable!]
    Other versions:
  6. Elhanan Helpman & Manuel Trajtenberg, 1994. "A Time to Sow and a Time to Reap: Growth Based on General Purpose Technologies," NBER Working Papers 4854, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Kevin J. Stiroh, 2002. "Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say?," American Economic Review, American Economic Association, vol. 92(5), pages 1559-1576, December. [Downloadable!]
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  8. Stiroh, Kevin J, 2002. "Are ICT Spillovers Driving the New Economy?," Review of Income and Wealth, Blackwell Publishing, vol. 48(1), pages 33-57, March. [Downloadable!] (restricted)
  9. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "U.S. Economic Growth at the Industry Level," American Economic Review, American Economic Association, vol. 90(2), pages 161-167, May. [Downloadable!] (restricted)
  10. Nicholas Oulton & Sylaja Srinivasan, . "Capital stocks, capital services, and depreciation: an integrated framework," Bank of England working papers 192, Bank of England. [Downloadable!]
  11. Carol Corrado & Charles Hulten & Daniel Sichel, 2004. "Measuring capital and technology: an expanded framework," Finance and Economics Discussion Series 2004-65, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  12. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May. [Downloadable!] (restricted)
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  13. Dale Jorgenson & Mun Ho & Kevin Stiroh, 2003. "Growth of US Industries and Investments in Information Technology and Higher Education," Economic Systems Research, Taylor and Francis Journals, vol. 15(3), pages 279-325, September. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Dana Hajkova, 2008. "The Measurement of Capital Services in the Czech Republic," Working Papers 2008/11, Czech National Bank, Research Department. [Downloadable!]
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