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Technological Shocks and IT Revolutions

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  • Raouf BOUCEKKINE

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • David DE LA CROIX

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Yiannis VAILAKIS

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

We investigate and interpret sorne of the properties of a multi-sectoral growth model with endogenous embodied technical change in the light of the ongoing debate on the viability of an IT based growth regime. In particular. we illustrate the two main views of the 1995-2000 IT boom in the USA. If it only cornes from productivity gains in the production of hardware and/or softwares, and even though these gains are permanent, the story could be just one of temporary massive capital deepening and no long term growth effect. In contrast, if this boom relies on productivity gains in R&D, there is room for a permanent IT growth regime associated with a permanent accumulation of both hardware and software.

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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 2002015.

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Length: 14
Date of creation: 01 Mar 2002
Date of revision:
Handle: RePEc:ctl:louvre:2002015

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Keywords: Information technology; Vintage capital; Embodied technological progress; Endogenous growth;

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References

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  1. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
  2. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  3. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June.
  4. Boucekkine, Raouf & de la Croix, David, 2003. "Information technologies, embodiment and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11-12), pages 2007-2034, September.
  5. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "The Importance of the Embodied Question Revisited," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1999026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  6. Rivera-Batiz, Luis A & Romer, Paul M, 1991. "Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 531-55, May.
  7. 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.
  8. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
  9. Segerstrom, Paul S., 1999. "Intel Economics," Working Paper Series 524, Research Institute of Industrial Economics.
    • Paul S. Segerstrom, 2007. "Intel Economics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(1), pages 247-280, 02.
  10. Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "1974," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 46(1), pages 49-95, June.
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  11. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557.
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Cited by:
  1. Mattalia, Claudio, 2013. "Embodied technological change and technological revolution: Which sectors matter?," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 249-264.
  2. BOUCEKKINE, Raouf & DE LA CROIX, David, . "Information technologies, embodiment and growth," CORE Discussion Papers RP -1631, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Bianco, Dominique, 2007. "An Endogenous Growth Model with Embodied Technical Change without Scale Effects," MPRA Paper 6571, University Library of Munich, Germany, revised 04 Jan 2008.
  4. Mattalia, Claudio, 2012. "Human capital accumulation in R&D-based growth models," Economic Modelling, Elsevier, vol. 29(3), pages 601-609.

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