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A Growth Model of the Data Economy
Farboodi, Maryam; Veldkamp, Laura - National Bureau of Economic Research - 2021
The rise of information technology and big data analytics has given rise to "the new economy." But are its economics new? This article constructs a growth model where firms accumulate data, instead of capital. We incorporate three key features of data: 1) Data is a by-product of economic...
Persistent link: https://www.econbiz.de/10012482643
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Speculative Growth : Hints from the US Economy
Caballero, Ricardo - 2004
We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on...
Persistent link: https://www.econbiz.de/10012468175
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Stock Market Boom and the Productivity Gains of the 1990s
Jermann, Urban - 2002
Together with a sense of entering a New Economy, the US experienced in the second half of the 1990s an economic expansion, a stock market boom, a financing boom for new firms and productivity gains. In this paper, we propose an interpretation of these events within a general equilibrium model...
Persistent link: https://www.econbiz.de/10012469679
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Productivity Growth and the New Economy
Nordhaus, William D. - 2001
The present study is the third in a series of three papers devoted to issues in the measurement of productivity and productivity growth. The major findings are as follows. First, this study shows that the new data set used here, which develops data on total output, business sector output, and...
Persistent link: https://www.econbiz.de/10012470633
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Does the "New Economy" Measure up to the Great Inventions of the Past?
Gordon, Robert J. - 2000
During the four years 1995-99 U. S. productivity growth experienced a strong revival and achieved growth rates exceeding that of the golden age' of 1913-72. Accordingly many observers have declared the New Economy' (the Internet and the accompanying acceleration of technical change in computers...
Persistent link: https://www.econbiz.de/10012470910
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AI and the Economy
Furman, Jason - 2018
We review the evidence that artificial intelligence (AI) is having a large effect on the economy. Across a variety of statistics--including robotics shipments, AI startups, and patent counts--there is evidence of a large increase in AI-related activity. We also review recent research in this...
Persistent link: https://www.econbiz.de/10012453031
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Sizing Up Repo
Krishnamurthy, Arvind - 2012
We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system …, raising credit terms to their borrowers. The picture that emerges from these findings looks less like a traditional bank run …
Persistent link: https://www.econbiz.de/10012460892
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Aggregate Lending and Modern Financial Intermediation : Why Bank Balance Sheet Models are Miscalibrated
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2023
Existing macroeconomic models focused on bank balance sheet lending are deficient because they do not account for the … investigate two increasingly significant margins of adjustment in credit markets: banks' ability to sell loans and shadow bank … following bank capital shock. Recovery is also faster, because profitable loan sales (e.g., securitization) allow banks to build …
Persistent link: https://www.econbiz.de/10014322871
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Banking Globalization, Monetary Transmission, and the Lending Channel
Cetorelli, Nicola - 2008
The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically … lending channel within the United States is declining in strength as banking becomes more globalized …
Persistent link: https://www.econbiz.de/10012464544
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Banking Globalization, Transmission, and Monetary Policy Autonomy
Goldberg, Linda S. - 2013
International financial linkages, particularly through global bank flows, generate important questions about the … autonomy oriented toward and effective at achieving domestic goals. I argue that global banking entails some features that are …. Empirical tests of the trilemma support this view that global bank effects are heterogeneous, and also that the primary drivers …
Persistent link: https://www.econbiz.de/10012459165