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 University College Dublin in its series Open Access publications from University College Dublin with number urn:hdl:10197/216.
Date of creation: 2002
Date of revision:
Publication status: Published in Recherches économiques de Louvain (2002) v.68, p.21-36
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Web page: http://www.ucd.ie
Economic development--United States; Macroeconomics; United States--Economic history--20th century;
Other versions of this item:
- Karl WHELAN, 2002. "Some New Economy Lessons for Macroeconomists," Discussion Papers (REL - Recherches Economiques de Louvain) 2002012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- 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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