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Productivity Growth, the New Economy, and Catching Up

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  • Barry Eichengreen

Abstract

The paper offers some reflections on the convergence of productivity in the United States and Europe, which essentially stopped in the 1990s. It argues that the barriers preventing further convergence in the early 1990s were removed subsequently. But since then trends in productivity growth have been importantly affected by the advent of the New Economy, which poses further challenges for Europe. Without additional reform of European labor markets, financial markets, and university systems, we may be on the eve of another era of persistent divergence.

Suggested Citation

  • Barry Eichengreen, 2004. "Productivity Growth, the New Economy, and Catching Up," Review of International Economics, Wiley Blackwell, vol. 12(2), pages 243-245, May.
    • Handle: RePEc:bla:reviec:v:12:y:2004:i:2:p:243-245
    DOI: 10.1111/j.1467-9396.2004.00446.x
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    References listed on IDEAS

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    1. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
    2. Robert J. Gordon, 2002. "Technology and Economic Performance in the American Economy," NBER Working Papers 8771, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Mastromarco Camilla & Laura Serlenga & Yongcheol Shin, 2013. "Globalisation and technological convergence in the EU," Journal of Productivity Analysis, Springer, vol. 40(1), pages 15-29, August.
    2. Fischer, Bruno Brandão & Schaeffer, Paola Rücker & Vonortas, Nicholas S., 2019. "Evolution of university-industry collaboration in Brazil from a technology upgrading perspective," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 330-340.
    3. Cristina Jude, 2019. "Does FDI crowd out domestic investment in transition countries?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 27(1), pages 163-200, January.
    4. Richard G. Harris & Peter E Robertson, 2007. "The Dynamic Effects of the US Productivity Boom on Australia," The Economic Record, The Economic Society of Australia, vol. 83(s1), pages 35-45, September.
    5. Richard G. Harris & Peter E. Robertson, 2007. "Dynamic Adjustments to Terms of Trade Shocks: The USA Productivity Boom and Australia," Discussion Papers 2007-16, School of Economics, The University of New South Wales.

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