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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- William D. Nordhaus, 2001.
"Productivity Growth and the New Economy,"
NBER Working Papers
8096, National Bureau of Economic Research, Inc.
- Karl Whelan, 2000.
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2000-06, Board of Governors of the Federal Reserve System (U.S.).
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- 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-.
- 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.).
- 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.
- Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD Publishing.
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