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Prices of high-tech products, mismeasurement, and pace of innovation


  • Stephen D. Oliner

    (American Enterprise Institute)

  • Daniel E. Sichel

    (American Enterprise Institute)

  • David M. Byrne


The authors argue that the pattern of multifactor productivity (MFP) growth across industries may presage a second wave of productivity advance supported by the digital economy.

Suggested Citation

  • Stephen D. Oliner & Daniel E. Sichel & David M. Byrne, 2017. "Prices of high-tech products, mismeasurement, and pace of innovation," AEI Economics Working Papers 933826, American Enterprise Institute.
  • Handle: RePEc:aei:rpaper:933826

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    References listed on IDEAS

    1. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-361, May.
    2. Chad Syverson, 2017. "Challenges to Mismeasurement Explanations for the US Productivity Slowdown," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 165-186, Spring.
    3. John G. Fernald, 2015. "Productivity and Potential Output before, during, and after the Great Recession," NBER Macroeconomics Annual, University of Chicago Press, vol. 29(1), pages 1-51.
    4. Lee Branstetter & Daniel Sichel, 2017. "The Case for an American Productivity Revival," Policy Briefs PB17-26, Peterson Institute for International Economics.
    5. Oliner, Stephen D. & Sichel, Daniel E., 2003. "Information technology and productivity: where are we now and where are we going?," Journal of Policy Modeling, Elsevier, vol. 25(5), pages 477-503, July.
    6. repec:sls:ipmsls:v:33:y:2017:8 is not listed on IDEAS
    7. David M. Byrne & Stephen D. Oliner & Daniel E. Sichel, 2013. "Is the Information Technology Revolution Over?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 25, pages 20-36, Spring.
    8. repec:bin:bpeajo:v:48:y:2017:i:2017-01:p:1-81 is not listed on IDEAS
    9. repec:eee:jpolmo:v:39:y:2017:i:4:p:639-649 is not listed on IDEAS
    10. David M. Byrne & John G. Fernald & Marshall B. Reinsdorf, 2016. "Does the United States Have a Productivity Slowdown or a Measurement Problem?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 109-182.
    11. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
    12. Blanchard, Olivier & Lorenzoni, Guido & L’Huillier, Jean-Paul, 2017. "Short-run effects of lower productivity growth. A twist on the secular stagnation hypothesis," Journal of Policy Modeling, Elsevier, vol. 39(4), pages 639-649.
    13. David M. Byrne, 2015. "Domestic Electronics Manufacturing : Medical, Military, and Aerospace Equipment and What We Don't Know about High-Tech Productivity," FEDS Notes 2015-06-02, Board of Governors of the Federal Reserve System (U.S.).
    14. John G. Fernald & Robert E. Hall & James H. Stock & Mark W. Watson, 2017. "The Disappointing Recovery of Output after 2009," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 1-81.
    15. Decker, Ryan A. & Haltiwanger, John & Jarmin, Ron S. & Miranda, Javier, 2016. "Where has all the skewness gone? The decline in high-growth (young) firms in the U.S," European Economic Review, Elsevier, vol. 86(C), pages 4-23.
    16. David M. Byrne, 2015. "Prices for Data Storage Equipment and the State of IT Innovation," FEDS Notes 2015-07-01, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)


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    Cited by:

    1. repec:pal:imfecr:v:66:y:2018:i:1:d:10.1057_s41308-017-0044-2 is not listed on IDEAS
    2. repec:sls:ipmsls:v:35:y:2018:7 is not listed on IDEAS
    3. Fischer, Stanley, 2017. "Government Policy and Labor Productivity : a speech at the "Washington Transformation? Politics, Policies, Prospects," a forum sponsored by the Summer Institute of Martha’s Vineyard Hebrew C," Speech 962, Board of Governors of the Federal Reserve System (U.S.).
    4. David M. Byrne & Daniel E. Sichel & Ana M. Aizcorbe, 2019. "Getting Smart About Phones : New Price Indexes and the Allocation of Spending Between Devices and Services Plans in Personal Consumption Expenditures," Finance and Economics Discussion Series 2019-012, Board of Governors of the Federal Reserve System (US).
    5. Wim Naudé & Paula Nagler, 2018. "Technological Innovation, Entrepreneurship and Productivity in Germany, 1871-2015," SPRU Working Paper Series 2018-02, SPRU - Science Policy Research Unit, University of Sussex Business School.
    6. repec:sls:ipmsls:v:35:y:2018:2 is not listed on IDEAS
    7. Uwe Cantner & Holger Graf & Ekaterina Prytkova & Simone Vannuccini, 2018. "The Compositional Nature of Productivity and Innovation Slowdown," Jena Economic Research Papers 2018-006, Friedrich-Schiller-University Jena.
    8. Rebecca Riley & Ana Rincon-Aznar & Lea Samek, 2018. "Below the Aggregate: A Sectoral Account of the UK Productivity Puzzle," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2018-06, Economic Statistics Centre of Excellence (ESCoE).

    More about this item


    Innovation; technology; productivity; productivity growth;

    JEL classification:

    • A - General Economics and Teaching


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