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What investment patterns across equipment and industries tell us about the recent investment boom and bust

  • Jonathan McCarthy

A study of capital expenditure trends identifies investment in information technology as a major factor in the 1990s boom and subsequent bust. Spending on computers and software, fueled by Y2K preparations and the rise of the Internet, drove investment growth in the late 1990s but slowed in 2000, while overly optimistic profit expectations by communications industries likely prompted an unsustainable investment surge in 2000.

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Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 10 (2004)
Issue (Month): May ()
Pages:

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Handle: RePEc:fip:fednci:y:2004:i:may:n:v.10no.6
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  1. Kevin L. Kliesen, 2003. "Was Y2K behind the business investment boom and bust?," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 31-42.
  2. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
  3. Charles Steindel, 1995. "Chain-weighting: the new approach to measuring GDP," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 1(Dec).
  4. repec:ucn:oapubs:10197/253 is not listed on IDEAS
  5. Kevin J. Stiroh, 2001. "What drives productivity growth?," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 37-59.
  6. Eric French & Thomas Klier & David Oppedahl, 2002. "Is there still an investment overhang, and if so, should we worry about it?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue May.
  7. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.).
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