This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. We confirm the central role for information technology (IT) in the productivity revival during 1995-2000 and show that IT played a significant, though smaller, role after...

This paper uses a portfolio framework to evaluate the impact of increased noninterest income on equity market measures of return and risk of U.S. bank holding companies from 1997 to 2004. The results indicate that the banks most reliant on activities that generate noninterest income do not earn...

This paper analyzes and extends the growing econometric literature on the economic impact of information technology (IT). I begin with a "meta-analysis" to systematically examine the results of twenty empirical studies and show that much of the observed variation in estimates of the output...

The outstanding economic performance of East Asian countries has been investigated in numerous studies. However, most comparative studies analyze macro-level productivity. In this book, the productivity performance of China, Korea, Japan, Taiwan and the United States are compared at industry...

What is the New Economy, what makes it new, and what are the implications for antitrust, regulation and macroeconomic policy? Providing a non-technical and compelling analysis of the modern macro-economy, the contributors to this volume, eminent scholars all, provide their views on the New...

This paper examines the declining volatility of U.S. output growth from a production perspective. At the aggregate level, increased output stability reflects decreased volatility in both labor productivity growth and hours growth, as well as a significant decline in the covariance. The decline...

This paper examines the underpinnings of the successful performance of the US economy in the late 1990s. Relative to the early 1990s, output growth has accelerated by nearly two percentage points. We attribute this to rapid capital accumulation, a surge in hours worked, and faster growth of...