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An Assessment of the New Economy

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  • Jonathan Temple

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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.

Suggested Citation

  • Jonathan Temple, 2002. "An Assessment of the New Economy," Bristol Economics Discussion Papers 02/542, Department of Economics, University of Bristol, UK.
  • Handle: RePEc:bri:uobdis:02/542
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    File URL: http://www.efm.bris.ac.uk/ecjrwt/abstracts/jtnewecon.pdf
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    Cited by:

    1. Attfield, Cliff & Temple, Jonathan R.W., 2010. "Balanced growth and the great ratios: New evidence for the US and UK," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 937-956, December.
    2. 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.
    3. 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.
    4. 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.
    5. Duo QIN, "undated". "Is China’s Rising Service Sector Leading to Cost Disease?," EcoMod2004 330600116, EcoMod.
    6. 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, vol. 66(3), pages 353-378, July.
    7. 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.
    8. Fernando Alexandre, 2002. "Monetary Policy, Investment and Non-Fundamental Shocks," NIPE Working Papers 6/2002, NIPE - Universidade do Minho.
    9. Mariano Sana, 2010. "Immigrants and natives in U.S. science and engineering occupations, 1994–2006," Demography, Springer;Population Association of America (PAA), vol. 47(3), pages 801-820, August.
    10. 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.
    11. Gavin Wallis, 2009. "Capital Services Growth in the UK: 1950 to 2006," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(6), pages 799-819, December.
    12. David, Freshwater, 2013. "Modernizing Rural Economies: Strengthening Economic Growth in the 21st Century," Staff Papers 174107, University of Kentucky, Department of Agricultural Economics.
    13. repec:ucm:wpaper:01-07 is not listed on IDEAS
    14. 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.

    More about this item

    Keywords

    new economy; economic growth; stock market; monetary policy;

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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