What investment patterns across equipment and industries tell us about the recent investment boom and bust
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.
Volume (Year): 10 (2004)
Issue (Month): May ()
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- 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.).
- 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).
- Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
- Kevin J. Stiroh, 2001. "What drives productivity growth?," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 37-59.
- Eric French & Thomas H. Klier & David B. 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.
- 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.
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