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Some New Economy Lessons for Macroeconomists
Published online by Cambridge University Press: 17 August 2016
Summary
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.
Résumé
Après avoir passé brièvement en revue les statistiques des années 1990 sur l’investissement en haute technologie et sur la productivité du travail, nous abordons certaines de leurs conséquences. Tout d’abord, mesurer le rôle des technologies d’informations soulève quelques difficultés techniques ce qui a conduit à modifier la construction des séries réelles agrégées, comme le PIB réel, dans les comptes nationaux aux Etats-Unis. Par ailleurs, la période récente a apporté des éléments importants validant les théories néoclassiques traditionnelles de l’investissement et de la productivité. Enfin, nous terminons par la discussion de quels modèles de croissance, théoriques et économétriques, peuvent se révéler utiles à l’avenir.
Keywords
- Type
- I. Macroeconomics and National Accounting
- Information
- Copyright
- Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2002
Footnotes
*
Mail Stop 80,20th and C Streets NW, Washington DC 20551. Email: kwhelan ©frb.gov. The views expressed are my own and do not necessarily reflect the views of the Board of Governors or the staff of the Federal Reserve System.
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