What is the driving force of the macroeconomic fluctuations in Japan over the past forty years? To answer this question, we specify a structural vectorerror-correction model using combination of long-run and short-run restrictions. Especially by dividing the supply shocks such as neutral and...

This paper documents a shift in the nature of innovation in the information technology (IT) industry. Using comprehensive data on all IT patents granted by the USPTO from 1983-2004, we find strong evidence of a change in IT innovation that is systematic, substantial, and increasingly dependent...