Some New Economy Lessons for Macroeconomists
AbstractThe 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 InfoPaper 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.
Date of creation: 01 Mar 2002
Date of revision:
New Economy; Information Technologies;
Other versions of this item:
- Whelan, Karl, 2002. "Some new economy lessons for macroeconomists," Open Access publications from University College Dublin urn:hdl:10197/216, University College Dublin.
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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