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dc.contributor.authorGundlach, Erich-
dc.date.accessioned2009-01-28T14:13:29Z-
dc.date.available2009-01-28T14:13:29Z-
dc.date.issued2001en_US
dc.identifier.urihttp://hdl.handle.net/10419/2523-
dc.description.abstractThe 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.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel Working Papers 1020-
dc.subject.jelO47en_US
dc.subject.ddc330-
dc.subject.keywordtotal factor productivity growthen_US
dc.subject.keywordtechnological change-
dc.subject.stwProduktivitäten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwArbeitsproduktivitäten_US
dc.subject.stwTechnischer Fortschritten_US
dc.subject.stwDekompositionsverfahrenen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwRealzinsen_US
dc.subject.stwKritiken_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.titleInterpreting productivity growth in the new economy: Some agnostic notesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn323916104en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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