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Interpreting productivity growth in the new economy: Some agnostic notes

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dc.creator Gundlach, Erich
dc.date 2001
dc.date.accessioned 2013-10-16T06:01:43Z
dc.date.available 2013-10-16T06:01:43Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/2523
dc.identifier ppn:323916104
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/2523
dc.description The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor-augmenting properties of technological change. Simulations based on alternative properties of technological change produce a wide range of implied stock market valuations. As long as the rate of technological change cannot be observed directly, justifying the emergence of a New Economy with residual measures of total factor productivity growth will prove to be a futile exercise.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kiel Working Papers 1020
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject O47
dc.subject ddc:330
dc.subject total factor productivity growth
dc.subject technological change
dc.subject Produktivität
dc.subject Wirtschaftswachstum
dc.subject Arbeitsproduktivität
dc.subject Technischer Fortschritt
dc.subject Dekompositionsverfahren
dc.subject Börsenkurs
dc.subject Realzins
dc.subject Kritik
dc.subject Schätzung
dc.subject Theorie
dc.subject Welt
dc.title Interpreting productivity growth in the new economy: Some agnostic notes
dc.type doc-type:workingPaper

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