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The Productivity Paradox and the New Economy: The Spanish Case

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  • Jesús Rodríguez López

    ()
    (Department of Economics, Universidad Pablo de Olavide)

  • Diego Martínez López

    ()
    (Department of Economics, Universidad Pablo de Olavide)

  • José Luis Torres Chacón

    ()
    (Departamento de Teoría e Historia Económica, Universidad de Málaga)

Abstract

This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox.

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File URL: http://www.upo.es/serv/bib/wps/econ0701.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number 07.01.

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Length: 23 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:pab:wpaper:07.01

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Keywords: New economy; information and communication technologies; technological change; productivity paradox.;

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References

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  1. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 2000. "The role of investment-specific technological change in the business cycle," European Economic Review, Elsevier, vol. 44(1), pages 91-115, January.
  2. Kiley, Michael T., 2001. "Computers and growth with frictions: aggregate and disaggregate evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 171-215, December.
  3. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
  4. Michael R. Pakko, 2005. "Changing technology trends, transition dynamics and growth accounting," Working Papers 2000-014, Federal Reserve Bank of St. Louis.
  5. Mehmet Yorukoglu, 1998. "The Information Technology Productivity Paradox," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 551-592, April.
  6. Bakhshi, Hasan & Larsen, Jens, 2005. "ICT-specific technological progress in the United Kingdom," Journal of Macroeconomics, Elsevier, vol. 27(4), pages 648-669, December.
  7. Susanto Basu & John G. Fernald & Matthew D. Shapiro, 2001. "Productivity Growth in the 1990s: Technology, Utilization, or Adjustment?," NBER Working Papers 8359, National Bureau of Economic Research, Inc.
  8. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March.
  9. Mas, Matilde & Quesada, Javier, 2006. "The Role of ICT on the Spanish Productivity Slowdown," MPRA Paper 15828, University Library of Munich, Germany, revised 2006.
  10. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
  11. Timmer, Marcel P. & Ypma, Gerard & Ark, Bart van der, 2003. "IT in the European Union: driving productivity divergence?," GGDC Research Memorandum 200363, Groningen Growth and Development Centre, University of Groningen.
  12. Michael R. Pakko, 2002. "Investment-specific technology growth: concepts and recent estimates," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 37-48.
  13. Samaniego, Roberto M., 2006. "Organizational capital, technology adoption and the productivity slowdown," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1555-1569, October.
  14. Andreas Hornstein & Per Krusell, 1996. "Can Technology Improvements Cause Productivity Slowdowns?," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 209-276 National Bureau of Economic Research, Inc.
  15. MartinNeil Baily & Robert Z. Lawrence, 2001. "Do We Have a New E-conomy?," American Economic Review, American Economic Association, vol. 91(2), pages 308-312, May.
  16. Albers, Ronald & Vijselaar, Focco, 2002. "New technologies and productivity growth in the euro area," Working Paper Series 0122, European Central Bank.
  17. Kenneth Carlaw & Stephen Kosempel, 2004. "The sources of total factor productivity growth: Evidence from Canadian data," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(4), pages 299-309.
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Cited by:
  1. Manuel A. Hidalgo Pérez & Jesús Rodríguez López & José María O´Kean Alonso, 2008. "Labor Demand and Information Technologies: Evidence for Spain, 1980-2005," Working Papers 08.12, Universidad Pablo de Olavide, Department of Economics.
  2. Diego Martínez & Jesús Rodríguez-López & José L. Torres, 2008. "Productivity growth and technological change in Europe and the U.S," Working Papers 2008-10, Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center.
  3. Diego Martínez & Jesús Rodríguez & José L. Torres, 2008. "ICT-specific technological change and productivity growth in the US 1980-2004," Working Papers 2008-4, Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center.
  4. Vu, Khuong M., 2013. "Information and Communication Technology (ICT) and Singapore’s economic growth," Information Economics and Policy, Elsevier, vol. 25(4), pages 284-300.
  5. Jesús Rodríguez López & José Luis Torres Chacón, 2009. "Technological sources of productivity growth in Japan, the U.S. and Germany," Working Papers 09.09, Universidad Pablo de Olavide, Department of Economics, revised Mar 2010.
  6. Mostafa SALIMIFAR & Mehdi BEHNAME, 2013. "Information Technology And Productivity Growth In Islamic Countries," Romanian Journal of Economics, Institute of National Economy, vol. 36(1(45)), pages 128-135, June.

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