We show how technical change, measured as a shift in the GDP function, is combined with net income to track welfare change. This provides a bridge between the productivity literature and the welfare-related literature that tends to reason in terms of net product functions: although the relevant...

This document presents the concepts underlying capital services measures, describes estimation methods and produces a first set of results. It also raises a number of outstanding conceptual issues in relation to capital services measures ...<BR><P>Ce document présente les concepts employés dans les...</p>

This paper examines how measurement problems affect international comparisons of labour productivity. It suggests that these measurement problems do not significantly affect the assessment of aggregate productivity patterns in the OECD area. However, these problems do influence the more detailed...

In asset markets with speculative behavior, the long-run equilibrium relationship between asset prices and the discounted flow of future rents may become invalid. We distinguish short-term user costs and longer-term user costs with variables that reflect fundamentals. We show how to work around...

This paper compares the impact of ICT capital accumulation on output growth in Australia, Canada, Finland, France, Germany, Italy, Japan, the United Kingdom and the United States. Over the past two decades, ICT contributed between 0.2 and 0.5 percentage points per year to economic growth,...

This paper discusses growth performance in the OECD countries over the past two decades. Special attention is given to developments in labour productivity, allowing for human capital accumulation, and multifactor productivity (MFP), allowing for changes in the composition and quality of physical...

Short-term economic indicators play an important role in the assessment of current cyclical situations and in the establishment of forecasts. Broadly, two types of short-term indicators can be distinguished: qualitative indicators, reflecting businessmen’s subjective assessment of the cyclical...

Over the past decades, the majority of information and communication technology (ICT) products have undergone rapid technical change. To the extent that such technical progress benefits consumers and users, quality improvements should be reflected in official price and quantity indices. When...

This <I>STI Working Paper</I> deals with this group of rapidly expanding firms. It does so by placing the discussion into a context of entrepreneurship, arguing that there are two main aspects to this notion: one of business start-ups and market entry, and another one of innovation. Evidence is based...</i>

Investment in information technologies has by no means been confined to the United States and yet, average European or Japanese growth experience has been quite different. The paper compares the impact of ICT capital accumulation on output growth in Australia, Canada, Finland, France, Germany,...