Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/2523 
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dc.contributor.authorGundlach, Erichen
dc.date.accessioned2009-01-28T14:13:29Z-
dc.date.available2009-01-28T14:13:29Z-
dc.date.issued2001-
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
dc.language.isoengen
dc.publisher|aKiel Institute of World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1020en
dc.subject.jelO47en
dc.subject.ddc330en
dc.subject.keywordtechnological changeen
dc.subject.keywordtotal factor productivity growthen
dc.subject.stwProduktivitäten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwArbeitsproduktivitäten
dc.subject.stwTechnischer Fortschritten
dc.subject.stwDekompositionsverfahrenen
dc.subject.stwBörsenkursen
dc.subject.stwRealzinsen
dc.subject.stwKritiken
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleInterpreting productivity growth in the new economy: Some agnostic notes-
dc.typeWorking Paperen
dc.identifier.ppn859890244en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1020en
dc.identifier.printppn323916104en

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