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Nouvelle économie

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  • Patrick Bisciari

    ()
    (National Bank of Belgium, Research Department)

Abstract

This article gives a general overview of the main issues covered in the literature on the new economy. The latter is defined as an economy in which the emergence of a new production sector, that of the Information and Communications Technologies (ICT), affects the growth rate of productivity in a sustainable way. The article briefly outlines the sector's characteristics, and more specifically its weight within the main economies. Within the theoretical framework of growth accounting, it can be demonstrated that ICT can have an impact on labour productivity through three transmission channels: the ICT capital intensity; the total factor productivity (TFP) in the ICT-producing sector; and the TFP in the ICT-using sectors. Various empirical surveys have been recently conducted into the role of the new economy in the United States, which differs from most other countries in that it has overall achieved a faster development of ICT and recorded better macroeconomic performances throughout the nineties. They conclude that ICT account for most - if not all - of the acceleration of labour productivity growth which has been observed in this country between the first and the second half of the nineties, thanks to the contribution of the first two aforementioned transmission channels. The presence of the third channel, i.e. the diffusion to the whole economy of technical progress that is not embodied in the ICT capital goods, remains however a matter of controversy. The question of the technological shock's long-term sustainability is also dealt with. Special attention is given to certain theories based on vintage-capital models and Schumpeterian models, which offer an explanation both for the slowdown of productivity observed in the United States in the seventies and for its more or less recent acceleration. Finally, mutual relations between the new economy and economic policy are also discussed.

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File URL: http://www.nbb.be/doc/oc/repec/docwpp/WP14.pdf
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Bibliographic Info

Paper provided by National Bank of Belgium in its series Working Paper Document with number 14.

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Length: 131 pages
Date of creation: Apr 2001
Date of revision:
Handle: RePEc:nbb:docwpp:200104

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Cited by:
  1. Pascal Petit, 2002. "The Roots of the New Economy: An Institutional Perspective," International Productivity Monitor, Centre for the Study of Living Standards, vol. 4, pages 39-54, Spring.
  2. Janet Mitchell, 2005. "Financial intermediation theory and implications for the sources of value in structured finance markets," Working Paper Document 71, National Bank of Belgium.
  3. Devriese, Johan & Mitchell, Janet, 2005. "Liquidity Risk in Securities Settlement," CEPR Discussion Papers 5123, C.E.P.R. Discussion Papers.
  4. Joachim Keller, 2008. "Agency problems in structured finance – a case study of European CLOs," Working Paper Document 137, National Bank of Belgium.
  5. Stefaan Ide & Philippe Moës, 2003. "Scope of asymmetries in the Euro area," Working Paper Document 37, National Bank of Belgium.
  6. Helga De Doncker, 2006. "Crédits aux particuliers - Analyse des données de la Centrale des Crédits aux Particuliers," Working Paper Document 78, National Bank of Belgium.
  7. Patrick Bisciari & Alain Durré & Alain Nyssens, 2003. "Stock market valuation in the United States," Working Paper Document 41, National Bank of Belgium.
  8. Bruno Eugène & Philippe Jeanfils & Benoît Robert, 2003. "La consommation privée en Belgique," Working Paper Document 39, National Bank of Belgium.
  9. François Coppens & David Vivet, 2004. "Liberalisation of network industries : Is the electricity sector an exception to the rule?," Working Paper Document 59, National Bank of Belgium.
  10. Hélène Baudchon & Olivier Brossard, 2003. "Definitions and Measures of ICT Impact on Growth: What is Really at Stake?," Documents de Travail de l'OFCE 2003-01, Observatoire Francais des Conjonctures Economiques (OFCE).
  11. Frédéric Lagneaux, 2008. "Economic Importance of Belgian Transport Logistics," Working Paper Document 125, National Bank of Belgium.
  12. Frédéric Lagneaux, 2004. "Importance économique du Port Autonome de Liège: rapport 2002," Working Paper Document 64, National Bank of Belgium.
  13. Helga De Doncker, 2006. "R&D in the Belgian Pharmaceutical Sector," Working Paper Document 106, National Bank of Belgium.
  14. Amable, Bruno & Petit, Pascal, 2001. "The diversity of social systems of innovation and production during the 1990s," CEPREMAP Working Papers (Couverture Orange) 0115, CEPREMAP.
  15. François Coppens & David Vivet, 2006. "The single European electricity market: A long road to convergence," Working Paper Document 84, National Bank of Belgium.
  16. Luc Aucremann & David Cornille, 2001. "Attractive prices and euro-rounding effects on inflation," Working Paper Document 17, National Bank of Belgium.
  17. Nancy Masschelein, 2007. "Monitoring pro-cyclicality under the capital requirements directive : preliminary concepts for developing a framework," Working Paper Document 120, National Bank of Belgium.
  18. Frédéric Lagneaux, 2004. "Economic importance of the Flemish maritime ports: Report 2002," Working Paper Document 56, National Bank of Belgium.
  19. Frédéric Lagneaux, 2005. "Importance économique du Port Autonome de Liège: rapport 2003," Working Paper Document 75, National Bank of Belgium.

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