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New Economy

Created November 2002. In future updates this page will emphasize survey articles that provide an introduction to the literature. See also the New Economy handbook and the page at the University of Kiel.

Introductory reading

Baily, M. N. (2001). Macroeconomic implications of the New Economy. Working paper WP01-9, Institute for International Economics, September.

Baily, M. N. (2002). The New Economy: post mortem or second wind? Journal of Economic Perspectives, 16(2), 3-22.

Bosworth, B. P. and Triplett, J. E. (2001). What’s new about the New Economy? IT, economic growth and productivity. International Productivity Monitor, Spring, 19-30.

Brenner, R. (2002). The boom and the bubble: the US in the world economy. Verso, London.

Gordon, R. J. (2000). Does the "New Economy" measure up to the great inventions of the past? Journal of Economic Perspectives, 14(4), 49-74.

Gordon, R. J. (2002). Technology and economic performance in the American economy. NBER working paper no. 8771.

Jorgenson, D. W. (2001). Information technology and the U. S. economy. American Economic Review, 91(1), 1-32.

Jorgenson, D. W. and Stiroh, K. J. (2000a). Raising the speed limit: U. S. economic growth in the information age. Brookings Papers on Economic Activity, 1, 125-235.

Oliner, S. D. and Sichel, D. E. (2000). The resurgence of growth in the late 1990s: is information technology the story? Journal of Economic Perspectives, 14(4), 3-22.

Temple, Jonathan R. W. (2002). The assessment: the New Economy. Oxford Review of Economic Policy, Autumn, 18(3), 241-264.

Further reading

Aghion, Philippe and Howitt, Peter (2002). Wage inequality and the New Economy. Oxford Review of Economic Policy, 18(3), 306-23.

Baily, M. N. and Lawrence, R. Z. (2001). Do we have a new E-conomy? American Economic Review, 91(2), 308-312.

Baker, D. (2002). Is the New Economy wearing out? Challenge, 45(1), 117-121.

Ball, L. and Moffitt, R. (2001). Productivity growth and the Phillips curve. NBER working paper no. 8421.

Ball, L. and Tchaidze, R. (2002). The Fed and the New Economy. American Economic Review, 92(2), 108-114.

Bassanini, Andrea and Scarpetta, Stefano (2002). Growth, technological change, and ICT diffusion: recent evidence from OECD countries. Oxford Review of Economic Policy, 18(3), 324-344.

Basu, S., Fernald, J. G. and Shapiro, M. D. (2001). Productivity growth in the 1990s: technology, utilization, or adjustment? NBER working paper no. 8359.

Berry, S. and England, D. (2001). Has there been a structural improvement in US productivity? Bank of England Quarterly Bulletin, 41(2), Summer, p. 203-209.

Bessen, James (2002). Technology adoption costs and productivity growth: the transition to information technology. Review of Economic Dynamics, April, 5(2), 443-69.

Blanchard, O. and Simon, J. (2001). The long and large decline in US output volatility. Brookings Papers on Economic Activity, 135-174.

Bond, S. R. and Cummins, J. G. (2000). The stock market and investment in the New Economy: some
tangible facts and intangible fictions. Brookings Papers on Economic Activity, 61-124.

Brynjolfsson, E. and Hitt, L. (2000). Beyond computation: information technology, organizational transformation, and business performance. Journal of Economic Perspectives, 14(4), 23-48.

Campbell, J. Y. and Shiller, R. J. (2001). Valuation ratios and the long-run stock market outlook: an update. NBER working paper no. 8221.

Card, D. and DiNardo, J. E. (2002). Skill biased technological change and rising wage inequality: some problems and puzzles. NBER working paper no. 8769.

Colecchia, Alessandra and Schreyer, Paul (2002). ICT investment and economic growth in the 1990s: is the United States a unique case? A comparative study of nine OECD countries. Review of Economic Dynamics, April, 5(2), 408-42.

Cummins, Jason G. and Violante, Giovanni L. (2002). Investment-specific technical change in the United States (1947-2000): measurement and macroeconomic consequences. Review of Economic Dynamics, April, 5(2), 243-84.

Daveri, Francesco (2002). The New Economy in Europe, 1992-2001. Oxford Review of Economic Policy, 18(3), 345-362.

Freeman, R. (2001). The rising tide lifts…? NBER working paper no. 8155.

Freeman, Richard B. (2002). The labour market in the New Information Economy, Oxford Review of Economic Policy, 18(3), 288-305.

Gali, J. (2000). The conduct of monetary policy in the face of technological change: theory and postwar U. S. evidence. Manuscript, Universitat Pompeu Fabra.

Gali, J., David Lopez-Salido, J. and Valles, J. (2002). Technology shocks and monetary policy: assessing the Fed’s performance. Manuscript, Universitat Pompeu Fabra.

Godley, W. (1999). Seven unsustainable processes. Jerome Levy Economics Institute, Special Report.

Gordon, R. J. (1998). Foundations of the Goldilocks economy: supply shocks and the time-varying NAIRU. Brookings Papers on Economic Activity, 297-346.

Greenhalgh, C. and Gregory, M. (2001). Structural change and the emergence of the new service economy. Oxford Bulletin of Economics and Statistics, 63, 629-646.

Hall, R. E. (2000). E-Capital: the link between the stock market and the labor market in the 1990s. Brookings Papers on Economic Activity, 73-102.

Hall, R. E. (2001). The stock market and capital accumulation. American Economic Review, 91(5), 1185-1202.

Hansen, B. E. (2001). The new econometrics of structural change: dating breaks in U. S. labour productivity. Journal of Economic Perspectives, 15(4), 117-128.

Hobijn, B. and Jovanovic, B. (2001). The information-technology revolution and the stock market: evidence. American Economic Review, 91(5), 1203-1220.

Jorgenson, D. W. and Stiroh, K. J. (2000b). U.S. economic growth at the industry level. American Economic Review, 90(2), 161-167.

Jovanovic, Boyan and Rousseau, Peter L. (2002). Moore’s Law and learning by doing. Review of Economic Dynamics, April, 5(2), 346-75.

Kahn, James A. and Stiroh, Kevin J. (2002). Productivity growth: a new era? Review of Economic Dynamics, April, 5(2), 237-42.

Katz, L. F. and Krueger, A. B. (1999). The high-pressure U. S. labour market of the 1990s. Brookings Papers on Economic Activity, 1, 1-87.

Kneller, R. and Young, G. (2001). The New British Economy. National Institute Economic Review, 177, 70-84.

Machin, S. (2001). The changing nature of labour demand in the new economy and skill-biased technology change. Oxford Bulletin of Economics and Statistics, 63, 753-776.

Mankiw, N. G. (2001b). U. S. monetary policy during the 1990s. NBER working paper no. 8471.

Mazzucato, Mariana (2002). The PC industry: New Economy or early life-cycle? Review of Economic Dynamics, April 2002, 5(2), 318-45.

McConnell, M. M., Mosser, P. C. and Perez-Quiros, G (1999). A decomposition of the increased stability of GDP growth. Current Issues in Economics and Finance, Federal Reserve Bank of New York, 5(13).

McConnell, M. M. and Perez-Quiros, G. (2000). Output fluctuations in the United States: what has changed since the early 1980’s? American Economic Review, 90(5), 1464-1476.

Miller, M., Weller, P. and Zhang, L. (2002). Moral hazard and the US stock market: analysing the ‘Greenspan Put’. Economic Journal, 112, C171-C186.

Muellbauer, J. and Nunziata, L. (2001). Credit, the stock market and oil: forecasting US GDP. CEPR discussion paper no. 2906.

Nordhaus, W. D. (2001). Productivity growth and the New Economy. NBER working paper no. 8096.

Nordhaus, W. D. (2002). The mildest recession: output, profits, and stock prices as the U.S. emerges from the 2001 recession. NBER working paper no. 8938.

Ofek, Eli and Richardson, Matthew (2002). The valuation and market rationality of internet stock prices. Oxford Review of Economic Policy, 18(3), 265-287.

Oliner, S. D. and Sichel, D. E. (1994). Computers and output growth revisited: how big is the puzzle? Brookings Papers on Economic Activity, 2, 273-317.

Oulton, Nicholas (2002). ICT and productivity growth in the United Kingdom. Oxford Review of Economic Policy, 18(3), 363-79.

Pakko, Michael R. (2002). What happens when the technology growth trend changes? Transition dynamics, capital growth, and the New Economy. Review of Economic Dynamics, April, 5(2), 376-407.

Pohjola, Matti (2002). The New Economy in growth and development. Oxford Review of Economic Policy, 18(3), 380- 396.

Quah, D. T. (2002). Technology dissemination and economic growth: some lessons for the New Economy. CEPR discussion paper no. 3207.

Schreyer, P. (2002). Computer price indices and international growth and productivity comparisons. Review of Income and Wealth, 48(1), 15-31.

Sennett, R. (1998). The corrosion of character. Norton: New York.

Shimer, R. (1998). Why is the U. S. unemployment rate so much lower? NBER Macroeconomics Annual, 13, 11-61.

Staiger, D., Stock, J. H. and Watson, M. W. (2001). Prices, wages and the U. S. NAIRU in the 1990s. NBER working paper no. 8320.

Stiroh, K. (1999). Is there a New Economy? Challenge, 42(4), 82-101.

Stiroh, K. (2002a). Are ICT spillovers driving the New Economy? Review of Income and Wealth, 48(1), 33-57.

Stiroh, K. (2002b). Measuring information technology and productivity in the New Economy. World Economics, 3(1), 43-58.

Tevlin, S. and Whelan, K. (2002). Explaining the investment boom of the 1990s. Journal of Money, Credit, and Banking, forthcoming.

van Ark, B. (2002). Measuring the New Economy: an international comparative perspective. Review of Income and Wealth, 48(1), 1-14.

Van Reenen, J. (2001). The New Economy: reality and policy. Fiscal Studies, 22(3), 307-336.

Wadhwani, S. B. (2001). The New Economy: myths and realities. Bank of England Quarterly Bulletin, 41(2), Summer.

Whelan, K. (2002). Computers, obsolescence, and productivity. Review of Economics and Statistics, 84(3), 445-461.

Woodward, B. (2000). Maestro: Greenspan’s Fed and the American boom. Simon and Schuster: New York.

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