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Is there evidence of the new economy in U.S. GDP data?

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  • Michael A. Kouparitsas

Abstract

This article tests whether the trend growth rate of U.S. GDP changed significantly over the "new economy" period from 1996 to 2003. Based on estimates from widely used methods of trend/cycle decomposition, the author finds that the trend growth rate of GDP was not significantly higher over this period. This suggests that the U.S. was the same old economy in the latter half of the 1990s.

Suggested Citation

  • Michael A. Kouparitsas, 2005. "Is there evidence of the new economy in U.S. GDP data?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 12-29.
  • Handle: RePEc:fip:fedhep:y:2005:i:qi:p:12-29:n:v.29no.1
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    References listed on IDEAS

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    1. Steven Tadelis, 2002. "Complexity, Flexibility, and the Make-or-Buy Decision," American Economic Review, American Economic Association, vol. 92(2), pages 433-437, May.
    2. Hubbard, Thomas N, 2001. "Contractual Form and Market Thickness in Trucking," RAND Journal of Economics, The RAND Corporation, vol. 32(2), pages 369-386, Summer.
    3. Abraham, Katharine G & Taylor, Susan K, 1996. "Firms' Use of Outside Contractors: Theory and Evidence," Journal of Labor Economics, University of Chicago Press, vol. 14(3), pages 394-424, July.
    4. Yukako Ono, 2001. "Outsourcing business service and the scope of local markets," Working Paper Series WP-01-09, Federal Reserve Bank of Chicago.
    5. William R. Emmons & Frank A. Schmid, 2000. "Bank competition and concentration: do credit unions matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 29-42.
    6. George P. Baker & Thomas N. Hubbard, 2003. "Make Versus Buy in Trucking: Asset Ownership, Job Design, and Information," American Economic Review, American Economic Association, vol. 93(3), pages 551-572, June.
    7. Kelley, Maryellen R. & Harrison, Bennett, 1990. "The subcontracting behavior of single vs. multiplant enterprises in US manufacturing: Implications for economic development," World Development, Elsevier, vol. 18(9), pages 1273-1294, September.
    8. Masten, Scott E, 1984. "The Organization of Production: Evidence from the Aerospace Industry," Journal of Law and Economics, University of Chicago Press, vol. 27(2), pages 403-417, October.
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    Cited by:

    1. Benati, Luca, 2007. "Drift and breaks in labor productivity," Journal of Economic Dynamics and Control, Elsevier, vol. 31(8), pages 2847-2877, August.
    2. Richard G. Anderson & Kevin L. Kliesen, 2011. "How does the FOMC learn about economic revolutions? evidence from the New Economy Era, 1994-2001," Working Papers 2011-041, Federal Reserve Bank of St. Louis.
    3. Rose, Gus & Kingwell, Ross S., 2009. "Seasonal labour is the most profitable use of labour in broadacre crop dominant farms," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47947, Australian Agricultural and Resource Economics Society.

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    Keywords

    Gross domestic product ; Economics;

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