NBER Macroeconomics Annual 2003 by Mark Gertler, Kenneth Rogoff

By Mark Gertler, Kenneth Rogoff

The NBER Macroeconomics Annual offers pioneering paintings in macroeconomics by means of prime educational researchers to an viewers of public policymakers and the tutorial group. every one commissioned paper is by means of reviews and dialogue. This year's version offers a mixture of state of the art learn and coverage research on such subject matters as productiveness and knowledge know-how, the rise in wealth inequality, behavioral economics, and inflation.

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Consequently, the income share of ICT is much lower in the European Union. As a result, van Ark et al. (2002) find a smaller direct ICT contribution via capital deepening in the European Union. 44 BASU, FERNALD, OULTON, & SRINIVASAN • As discussed in Section 2, the Gust-Marquez regulatory variables look similar in the United States and the United Kingdom. S. society was better able to undertake the disruptions associated with reorganization than was the United Kingdom (or other countries). S. K.

Can ICT somehow explain the measured TFP acceleration in industries using ICT? We first discuss broad theoretical considerations of treating ICT as a new general-purpose technology (GPT) and then present a simple model to clarify the issues and empirical implications. 18. This estimate uses the same data employed to estimate capital services in the United Kingdom at the industry level. 19. Shapiro does not estimate different values of φ for IT and non-IT capital; one could imagine that the values differ.

In other words, if adjusting the capital stock incurs costs and faster growth leads to higher costs, then true technological progress was faster than measured. These considerations strengthen the conclusion that the technology acceleration was broadbased because 16. S. K. deceleration. The McKinsey Global Institute (2001) provides anecdotal as well as quantitative evidence on the transformation of wholesale and retail trade; Foster, Haltiwanger, and Krizan (2002) link the retail industry data to firm-level developments.

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