The views expressed are those of the authors and do not necessarily reflect those of the Bank of England. I am grateful to Sushil Wadhwani for much encouragement and numerous helpful discussions and insightful comments. I have also benefited from the comments of Paul Stoneman and an anonymous referee, of colleagues in the Bank of England, particularly Ian Bond, Jo Cutler, Jens Larsen and Hasan Bakhshi, and from detailed comments of ONS officials, in particular Prabhat Vaze. I also thank Bruce Grimm of the Bureau of Economic Analysis for advice on US software estimates and Steve Oliner of the Board of Governors of the Federal Reserve for supplying data on semiconductor prices. Malte Janzarik provided excellent research assistance. None of the above nor the Bank of England should be regarded as necessarily in agreement with the views expressed here. Remaining errors and the views expressed herein are those of the author and not of the Bank of England nor of the Bank of England’s Monetary Policy Committee. Copies of working papers may be obtained from Publications Group, Bank of England
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