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The Resurgence of Growth in the Late 1990s: Is Information Technology the Story

By Stephen D. Oliner and Daniel E. Sichel


* We thank Raven Saks for extraordinary research assistance. We received extremely helpful comments and assistance from many colleagues at the Federal Reserve Board, and we wish to particularly thank our colleagues Ana Aizcorbe, Michael Kiley, and Karl Whelan. We also thank Robert Gordon for providing us with updated versions of the tables from Gordon (1999), Michael Harper for valuable assistance with data from the Bureau of Labor Statistics, and Kevin Stiroh for several useful conversations about the results in Jorgenson and Stiroh (2000). The views expressed are those of the authors and should not be attributed to the Board of Governors The performance of the U.S. economy over the past several years has been remarkable, including a rebound in labor productivity growth after nearly a quarter century of sluggish gains. To assess the role of information technology in the recent rebound, this paper re-examines the growth contribution of computers and related inputs with the same neoclassical framework that we have used in earlier work. Our results indicate that the contribution to productivity growth from the use of information technology — including computer hardware, software, and communication equipment — surged in the second half of the 1990s. In addition, technologica

Year: 2011
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