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- W2102859098 abstract "The definition of the “new economy” is essentially based on stylized facts that have been outlined during the last American business cycle. Between 1992 and 2000, the hourly productivity average rate of growth has reached 3,7% per year in the business sector and 2,2% in the manufacturing sector. These growth rates are largely superior to long term trends that were respectively limited to 1,6% in the business sector and 2,9% in the manufacturing one (1974 – 1999). The average rate of inflation was a low 2,6% whereas the unemployment rate decreased by 3,5 percentage points from 7,5 to 4 percent. This was such an impressive record that it was not possible to expect any signs of a downturn. This economic performance challenged the business cycle approach, and the terminology “new economy” has been coined because this peculiar virtuous business cycle was broad and prolonged. However, despite a large consensus on macroeconomic features, confusion still arises around the true meaning of this terminology. We surveyed in a recent paper (January 2001) the way the American literature has treated this issue 2 ." @default.
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- W2102859098 date "2001-01-01" @default.
- W2102859098 modified "2023-09-27" @default.
- W2102859098 title "Definitions and measures of ICT impact on growth : what really is at stake" @default.
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