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Some New Economy Lessons for Macroeconomists

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  • Karl WHELAN

    (Divison of Research and Statistics, Federal Reserve Board)

Abstract

The evidence on U.S. investment in high-tech equipment and labor productivity in the 1990s is briefly reviewed and some implications discussed. First, capturing the role of information technologies has raised a number of important measurement issues, which have led to a change in the construction of aggregate real series in the U.S. national accounts, such as real GDP. Second, the recent period provided an important confirmation for traditional neoclassical theories of business investment and productivity. Third, there is a discussion of what type of theoretical and empirical models of economic growth are likely to prove helpful in the future.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2002012.

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Length: 16
Date of creation: 01 Mar 2002
Date of revision:
Handle: RePEc:ctl:louvre:2002012

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Keywords: New Economy; Information Technologies;

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References

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  1. John Y. Campbell & Robert J. Shiller, 2001. "Valuation Ratios and the Long-Run Stock Market Outlook: An Update," NBER Working Papers 8221, National Bureau of Economic Research, Inc.
  2. Jason G. Cummins & Kevin A. Hassett & R. Glenn Hubbard, 1994. "A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 1-74.
  3. Stephen D. Oliner & Daniel E. Sichel, 2000. "The resurgence of growth in the late 1990s: is information technology the story?," Proceedings, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco.
  4. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, American Economic Association, vol. 80(2), pages 355-61, May.
  5. Robert G. King & Charles I. Plosser & James H. Stock & Mark W. Watson, 1987. "Stochastic Trends and Economic Fluctuations," NBER Working Papers 2229, National Bureau of Economic Research, Inc.
  6. Charles I. Jones & John C. Williams, 1997. "Measuring the social return to R&D," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1997-12, Board of Governors of the Federal Reserve System (U.S.).
  7. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S71-102, October.
  8. Karl Whelan, 2000. "Computers, obsolescence, and productivity," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-06, Board of Governors of the Federal Reserve System (U.S.).
  9. Robert S. Chirinko, 1993. "Business fixed investment spending: a critical survey of modeling strategies, empirical results, and policy implications," Research Working Paper, Federal Reserve Bank of Kansas City 93-01, Federal Reserve Bank of Kansas City.
  10. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-35, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Bruno de Oliveira Cruz & Raouf Boucekkine, 2006. "Technological Progress and Investment Microeconomic Foundations and Macroeconomic Implications," Discussion Papers, Instituto de Pesquisa Econômica Aplicada - IPEA 1170, Instituto de Pesquisa Econômica Aplicada - IPEA.

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