THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION

Volume: 5 Number: 1 January 1, 2004
  • Bilal Savaş
TR EN

THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION

Abstract

The remarkable economic success of the US in the late 1990s led many economists to talk about a 'New Economy', according to which technological advances had brought on a higher sustained level of productivity growth that allowed faster economic growth with less inflation, and very low unemployment. But given the events since 2000-the long, steep stock market downturn, the falloff in business investment and the subsequent recession-many questions arose based on whether anything in the New Economy view is valid. This essay provides a detailed overview of the main issues, many of them closely linked to the rise of the Internet.

Keywords

References

  1. BAILY, M. N. (2001) Macroeconomic implications of the new economy, in A Symposium Sponsored by Federal Reserve Bank of Kansas City: Economic Policy for the Information Economy, Jackson Hole, Wyoming, August 30- September 1, 2001: pp. 201-268.
  2. BAILY, M. N., BARTELSMAN, E. & HALTIWANGER, J. (2001) Labor productivity : structural change and cyclical dynamics, Review of Economics and Statistics, 83 (3), pp. 420-433.
  3. BALL, L. & TCHIADZE, R. (2002) The fed and the new economy, American Economic Review, 92 (2), pp.108-114.
  4. BRYNJOLFSSON, E. & HITT, L. (2000) Beyond computation : information technology, organizational transformation, and business performance, Journal of Economic Perspectives, 14 (4), pp. 23-48.
  5. CLAUSSEN, C. A. & STAEHR, K. (2001) Explaining the low US inflation- coincidence or “new economy”? Evidence based on a wage-price spiral, Norges Bank, Working Paper, International Department. No. ANO 2001/2.
  6. COUNCIL OF ECONOMIC ADVISORS (2001) Economic report of the president. Washington D. C.: Government Printing Office. January.
  7. DeLONG, J. B. & SUMMERS, L H. (2001) The ‘New Economy’ : background, historical perspective, questions, and speculations, in A Symposium Sponsored by the Federal Reserve Bank of Kansas City: Economic Policy for the Information Economy, Jackson Hole, Wyoming, August 31-September 1, 2001: pp. 11-45.
  8. DORNBUSCH, R. (1998) Recession-no, thank you , Wall Street Journal, July 30.

Details

Primary Language

English

Subjects

-

Journal Section

-

Authors

Bilal Savaş This is me

Publication Date

January 1, 2004

Submission Date

-

Acceptance Date

-

Published in Issue

Year 2004 Volume: 5 Number: 1

APA
Savaş, B. (2004). THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION. Doğuş Üniversitesi Dergisi, 5(1), 109-120. https://izlik.org/JA22BD85JS
AMA
1.Savaş B. THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION. Doğuş Üniversitesi Dergisi. 2004;5(1):109-120. https://izlik.org/JA22BD85JS
Chicago
Savaş, Bilal. 2004. “THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION”. Doğuş Üniversitesi Dergisi 5 (1): 109-20. https://izlik.org/JA22BD85JS.
EndNote
Savaş B (January 1, 2004) THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION. Doğuş Üniversitesi Dergisi 5 1 109–120.
IEEE
[1]B. Savaş, “THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION”, Doğuş Üniversitesi Dergisi, vol. 5, no. 1, pp. 109–120, Jan. 2004, [Online]. Available: https://izlik.org/JA22BD85JS
ISNAD
Savaş, Bilal. “THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION”. Doğuş Üniversitesi Dergisi 5/1 (January 1, 2004): 109-120. https://izlik.org/JA22BD85JS.
JAMA
1.Savaş B. THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION. Doğuş Üniversitesi Dergisi. 2004;5:109–120.
MLA
Savaş, Bilal. “THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION”. Doğuş Üniversitesi Dergisi, vol. 5, no. 1, Jan. 2004, pp. 109-20, https://izlik.org/JA22BD85JS.
Vancouver
1.Bilal Savaş. THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION. Doğuş Üniversitesi Dergisi [Internet]. 2004 Jan. 1;5(1):109-20. Available from: https://izlik.org/JA22BD85JS