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Technological Shocks and IT Revolutions

  • Raouf BOUCEKKINE

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • David DE LA CROIX

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Yiannis VAILAKIS

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

We investigate and interpret sorne of the properties of a multi-sectoral growth model with endogenous embodied technical change in the light of the ongoing debate on the viability of an IT based growth regime. In particular. we illustrate the two main views of the 1995-2000 IT boom in the USA. If it only cornes from productivity gains in the production of hardware and/or softwares, and even though these gains are permanent, the story could be just one of temporary massive capital deepening and no long term growth effect. In contrast, if this boom relies on productivity gains in R&D, there is room for a permanent IT growth regime associated with a permanent accumulation of both hardware and software.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2002015.

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Length: 14
Date of creation: 01 Mar 2002
Date of revision:
Handle: RePEc:ctl:louvre:2002015
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  1. Boucekkine, Raouf & de la Croix, David, 2003. "Information technologies, embodiment and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11), pages 2007-2034.
  2. Greenwood, J. & Yorukoglu, M., 1996. "1974," RCER Working Papers 429, University of Rochester - Center for Economic Research (RCER).
  3. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  4. Rivera-Batiz, Luis A & Romer, Paul M, 1991. "Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 531-55, May.
  5. Boucekkine, Raouf & Del Rio, Fernando & Licandro, Omar, 2000. "The importance of the embodied question revisited," CEPREMAP Working Papers (Couverture Orange) 0001, CEPREMAP.
  6. Segerstrom, Paul S., 1999. "Intel Economics," Working Paper Series 524, Research Institute of Industrial Economics.
    • Paul S. Segerstrom, 2007. "Intel Economics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(1), pages 247-280, 02.
  7. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
  8. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557.
  9. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
  10. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1995. "Long-Run Implications of Investment-Specific Technological Change," UWO Department of Economics Working Papers 9510, University of Western Ontario, Department of Economics.
  11. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
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