Vol. 87, No. 3
Third Quarter 2002
Preface: Technology, Growth, and the Labor Market
Donna K. Ginther and Madeline Zavodny
This issue of the Economic Review contains four articles that examine the underpinnings of the "new economy"—technology and its effects on macroeconomic growth and the labor market.
Projecting Productivity Growth: Lessons from the U.S. Growth Resurgence
Dale W. Jorgenson, Mun S. Ho, and Kevin J. Stiroh
In this article, the authors analyze the sources of U.S. labor productivity growth in the post-1995 period and present projections for both output and labor productivity growth for the next decade.
Information Technology and Productivity: Where Are We Now and Where Are We Going?
Stephen D. Oliner and Daniel E. Sichel
Productivity growth in the U.S. economy jumped during the second half of the 1990s, a resurgence that many analysts linked to developments in information technology (IT). However, shortly after this consensus emerged, demand for IT products fell sharply, leading to a debate about the connection between IT and productivity and about the sustainability of the faster growth.
Technology and U.S. Wage Inequality: A Brief Look
David Card and John E. DiNardo
The article concludes that it is time to re-evaluate the case that "skill-biased technological change" (SBTC) offers a satisfactory explanation for the rise in U.S. wage inequality.
Productivity, Computerization, and Skill Change
Edward N. Wolff
This article concentrates on the relation of skills, education, and computerization to productivity growth and other indicators of technological change on the industry level.
Global Banks, Local Crises: Bad News from Argentina
Marco Del Negro and Stephen Kay
The "bad news" from Argentina, this article argues, is that depositors in emerging markets may not reap the full benefits of international portfolio diversification because international banks have limited liability, at least under some circumstances—for instance, when the local government heavily intervenes in the banking system.