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The Assessment: The New Economy

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  • Jonathan Temple

Abstract

The remarkable economic success of the United States in the 1990s led many observers to talk about a 'New Economy'. This paper provides an overview of the main issues, including faster productivity growth, the stability of inflation despite very low unemployment, the reduction in output volatility, the role of monetary policy, and the boom in the stock market. The paper also considers whether or not the acceleration in productivity growth can be sustained, and the possible implications for the rest of the world. Copyright 2002, Oxford University Press.

Suggested Citation

  • Jonathan Temple, 2002. "The Assessment: The New Economy," Oxford Review of Economic Policy, Oxford University Press, vol. 18(3), pages 241-264.
  • Handle: RePEc:oup:oxford:v:18:y:2002:i:3:p:241-264
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    References listed on IDEAS

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    1. Ugo Panizza & Federico Sturzenegger & Jeromin Zettelmeyer, 2009. "The Economics and Law of Sovereign Debt and Default," Journal of Economic Literature, American Economic Association, pages 651-698.
    2. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring; Lessons From Corporate Bankruptcy Practice Around the World," IMF Working Papers 03/13, International Monetary Fund.
    3. Mark L. J. Wright, 2004. "Competition and Sovereign Risk," 2004 Meeting Papers 6, Society for Economic Dynamics.
    4. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, pages 43-50.
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    7. Knight, John & Gunatilaka, Ramani, 2010. "Great Expectations? The Subjective Well-being of Rural-Urban Migrants in China," World Development, Elsevier, pages 113-124.
    8. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, pages 155-178.
    9. Marc Flandreau & Juan H. Flores, 2012. "Bondholders versus bond-sellers? Investment banks and conditionality lending in the London market for foreign government debt, 1815-1913," European Review of Economic History, Oxford University Press, pages 356-383.
    10. Flandreau, Marc & Flores, Juan H., 2009. "Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830," The Journal of Economic History, Cambridge University Press, vol. 69(03), pages 646-684, September.
    11. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    12. Portes, Richard, 2004. "Resolution of Sovereign Debt Crises: The New Old Framework," CEPR Discussion Papers 4717, C.E.P.R. Discussion Papers.
    13. Barry Eichengreen, 1991. "Historical Research on International Lending and Debt," Journal of Economic Perspectives, American Economic Association, pages 149-169.
    14. Barry Eichengreen., 1990. "Historical Research on International Lending and Debt," Economics Working Papers 90-153, University of California at Berkeley.
    15. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 77-114.
    16. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 357-376, October.
    17. Marc Flandreau & Norbert Gaillard & Ugo Panizza, 2009. "Conflicts of Interest, Reputation and the Interwar Debt Crisis: Banksters or Bad Luck?," IHEID Working Papers 02-2010, Economics Section, The Graduate Institute of International Studies, revised Feb 2010.
    18. Flandreau, Marc & Flores, Juan-Huitzi, 2007. "Bonds and Brands : intermediaries and reputation in sovereign debt markets 1820-1830," IFCS - Working Papers in Economic History.WH wp07-12, Universidad Carlos III de Madrid. Instituto Figuerola.
    19. Eichengreen, Barry, 1990. "Historical Research on International Lending and Debt," Department of Economics, Working Paper Series qt39n6n9ns, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    20. Flandreau, Marc & Flores, Juan H., 2012. "The Peaceful Conspiracy: Bond Markets and International Relations During the Pax Britannica," International Organization, Cambridge University Press, pages 211-241.
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    Cited by:

    1. Duo QIN, "undated". "Is China’s Rising Service Sector Leading to Cost Disease?," EcoMod2004 330600116, EcoMod.
    2. Dominique Guellec & Bruno Van Pottelsberghe, 2004. "From R&D to Productivity Growth: Do the Institutional Settings and the Source of Funds of R&D Matter?," Working Papers CEB 04-010.RS, ULB -- Universite Libre de Bruxelles.
    3. Alistair Dieppe & Jerome Henry & Peter Mc Adam, "undated". "Labour market dynamics in the euro area: A model-based sensitivity analysis," Modeling, Computing, and Mastering Complexity 2003 09, Society for Computational Economics.
    4. Fernando Alexandre, 2002. "Monetary Policy, Investment and Non-Fundamental Shocks," NIPE Working Papers 6/2002, NIPE - Universidade do Minho.
    5. Dominique Guellec & Bruno Van Pottelsberghe de la Potterie, 2004. "From R&D to Productivity Growth: Do the Institutional Settings and the Source of Funds of R&D Matter?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, pages 353-378.
    6. Beggs, A.W., 2007. "Large deviations and equilibrium selection in large populations," Journal of Economic Theory, Elsevier, pages 383-410.
    7. Attfield, Cliff & Temple, Jonathan R.W., 2010. "Balanced growth and the great ratios: New evidence for the US and UK," Journal of Macroeconomics, Elsevier, pages 937-956.
    8. Qin, Duo, 2006. "Is China's growing service sector leading to cost disease?," Structural Change and Economic Dynamics, Elsevier, vol. 17(3), pages 267-287, September.
    9. Gavin Cameron & Chris Wallace, 2002. "Macroeconomic Performance in the Bretton Woods Era and After," Oxford Review of Economic Policy, Oxford University Press, vol. 18(4), pages 479-494.
    10. Isabel Álvarez & Gerardo Magaña, 2007. "ICT and Cross-Country Comparisons: a Proposal of a New Composite Index," Working Papers del Instituto Complutense de Estudios Internacionales 0701, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    11. Mariano Sana, 2010. "Immigrants and natives in U.S. science and engineering occupations, 1994–2006," Demography, Springer;Population Association of America (PAA), pages 801-820.
    12. Cliff L.F. Attfield & Jonathan R.W. Temple, 2003. "Measuring trend output: how useful are the Great Ratios?," Bristol Economics Discussion Papers 03/555, Department of Economics, University of Bristol, UK.
    13. David, Freshwater, 2013. "Modernizing Rural Economies: Strengthening Economic Growth in the 21st Century," Staff Papers 174107, University of Kentucky, Department of Agricultural Economics.
    14. repec:ucm:wpaper:01-07 is not listed on IDEAS
    15. Jonathan Temple & Cliff Attfield, 2004. "Measuring trend growth: how useful are the great ratios?," Money Macro and Finance (MMF) Research Group Conference 2003 101, Money Macro and Finance Research Group.

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