The first comprehensive account of the growing dominance of the intangible economyEarly in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in...

Endogenous Market Structures and the Macroeconomy introduces strategic interactions and endogenous entry to study business cycles, trade and growth. Going beyond the neoclassical approach, the EMSs approach provides new insights on macroeconomic policy, trade policy and RD policy. The book...

The remarkable economic success of the United States in the 1990s led many observers to talk about a ‘New Economy’. This Paper provides an overview of the main issues, including faster productivity growth, the stability of inflation despite very low unemployment, the greater overall economic...

Preface -- Introduction -- The unresolved deficiencies of the classical economic standard model and the failure of the theoretical model in practice -- Goods market -- Financial market -- Labor or service market -- The theory of the IS-LM curve and the IS-LM model -- Fundamental criticism of the...

This paper analyzes the sources of recent U.S. productivity growth using both aggregate and industry-level data. The paper confirms the central role of information technology in the productivity revival during 1995-2000 and shows that it played a significant, although smaller, role after 2000....

This paper provides a new breakdown of past U.S. economic growth into its trend and cyclical components, using a mix of detrending methods. This decomposition is then used to interpret the extraordinary productivity performance of the U.S. economy since 1995 and especially since mid-2000. The...

Starting from the standard Gordon inflation model, which explains price changes by inertia, demand shocks, and supply shocks but excludes wages, the first part of this paper returns wages to the analysis by developing a model that includes both price and wage equations. The model allows for...