The New Business Cycle : The Impact of The Application and Production of Information Technology on U. S. Macroeconomic Stabilization  

Oleh:

Fleming, Martin

Jenis: Article from Bulletin/Magazine
Dalam koleksi: BUSINESS ECONOMICS vol. 32 no. 4 (1997), page 36-42.
Topik: ECONOMIC; new business cycle; application; production; information technology; macroeconomic stabilization

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB20.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper explores the broader impact that information technology (IT) has had on the U. S. macro economy. Some evidence indicates that, during the past twenty years, periods of expansion have lengthened, with more identifiable growth phases having been added to those expansions. Simultaneously, fluctuations have become more stable even as the average growth rate has declined. The dynamics of both the production and application of IT have fundamentally altered the nature of the business cycle. Other interrelated factors are : 1. a better application of monetary policy 2. a slowing in the average growth rate, and 3. a more competitive business environment. The contribution of IT to aggregate U. S. economic growth now appears to be both significant and important. The correlation of the output of this sector with aggregate industry real output has increased. This development raises the question of whether policy makers have sufficient information and data on business and economic conditions within the sector. However, beyond measurement issues, more fundamental issues arise about understanding the economics of the service sector, how it differs from the traditional view of manufacturing sector economics and how the two sectors interact to drive aggregate real output.

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