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Some new economy lessons for macroeconomists

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  • Karl Whelan

Abstract

The evidence on U.S. investment in high-tech equipment and labor productivity in the 1990s is briefly reviewed and some implications discussed. First, capturing the role of information technologies has raised a number of important measurement issues, which have led to a change in the construction of aggregate real series in the U.S. national accounts, such as real GDP. Second, the recent period provided an important confirmation for traditional neoclassical theories of business investment and productivity. Third, there is a discussion of what type of theoretical and empirical models of economic growth are likely to prove helpful in the future.
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  • Karl Whelan, 2002. "Some new economy lessons for macroeconomists," Open Access publications 10197/216, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:oapubs:10197/216
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    File URL: http://hdl.handle.net/10197/216
    File Function: Open Access version, 2002
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    References listed on IDEAS

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    1. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
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    5. King, Robert G. & Plosser, Charles I. & Stock, James H. & Watson, Mark W., 1991. "Stochastic Trends and Economic Fluctuations," American Economic Review, American Economic Association, vol. 81(4), pages 819-840, September.
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    8. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Open Access publications 10197/253, School of Economics, University College Dublin.
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    10. Tevlin, Stacey & Whelan, Karl, 2003. "Explaining the Investment Boom of the 1990s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(1), pages 1-22, February.
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    Cited by:

    1. Bruno de Oliveira Cruz & Raouf Boucekkine, 2006. "Technological Progress and Investment Microeconomic Foundations and Macroeconomic Implications," Discussion Papers 1170, Instituto de Pesquisa Econômica Aplicada - IPEA.
    2. Raouf Boucekkine & Bruno de Oliveira Cruz, 2015. "Technological Progress and Investment: A Non-Technical Survey," AMSE Working Papers 1519, Aix-Marseille School of Economics, France.

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    More about this item

    Keywords

    Economic development--United States; Macroeconomics; United States--Economic history--20th century;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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