Is IT Driving the U.S. Productivity Revival?
Since 1995, productivity growth has accelerated significantly in the United States. Information technology has always been thought to be the driving force behind this development. In this article by Kevin Stiroh of the Federal Reserve Bank of New York provides strong empirical support for this view. Stiroh finds that the industries that made the largest investments in information technology (IT) in the early 1990s show the largest productivity gains in the late 1990s and that IT capital investment has a large impact of productivity gains. His evidence also supports the view that the U.S. productivity revival is not cyclical in nature, but a long-term or structural phenomenon.
Volume (Year): 2 (2001)
Issue (Month): (Spring)
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- Karl Whelan, 2000.
"Computers, obsolescence, and productivity,"
Finance and Economics Discussion Series
2000-06, Board of Governors of the Federal Reserve System (U.S.).
- Dale W. Jorgenson & Kevin J. Stiroh, 2000.
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OECD Economics Department Working Papers
261, OECD Publishing.
- 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.
- Erik Brynjolfsson & Shinkyu Yang, 1997. "Information Technology and Productivity: A Review of the Literature," Working Paper Series 202, MIT Center for Coordination Science.
- William D. Nordhaus, 2001.
"Productivity Growth and the New Economy,"
NBER Working Papers
8096, National Bureau of Economic Research, Inc.
- Michael T. Kiley, 1999. "Computers and growth with costs of adjustment: will the future look like the past?," Finance and Economics Discussion Series 1999-36, Board of Governors of the Federal Reserve System (U.S.).
- Erik Brynjolfsson & Lorin M. Hitt, 2000. "Beyond Computation: Information Technology, Organizational Transformation and Business Performance," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 23-48, Fall.
- No authors listed, 2001. "New Economy," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 27(1), pages 1-9.
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