| ENDNOTES | |
| 1 | Black and Lynch (2000) review
these studies. |
|
|
|
| 2 | Brynjolfsson and Hitt (2000)
find a positive correlation between productivity and
computer use, and Black and Lynch (2000) use firm level
data to reveal this relationship. |
| 3 | Kliesen and Wheelock (2001) offer a historical perspective of technology embodiment. |
| 4 | See Caballero and Hammour (1996) and Friedberg and Owyang (2001) for more detailed analysis of the effect of the spread of technology on the labor market. |
| 5 | Current Population Survey, Monthly Labor Review, November 1999. |
| 6 | We measure the rate of technological improvement by the number of utility patent applications. We measure past technological improvements by the number of patents 15 years earlier. |
| 7 | www.stls.frb.org/publications/re/2001/d/data/regression.pdf |
| REFERENCES | |
| Basu, Susanto; Fernald, John. G. and Kimball, Miles. "Are Technology Improvements Contractionary?" International Finance Discussion Paper No. 625, Board of Governors of the Federal Reserve System, December 1999. | |
| Black, Sandra E. and Lynch, Lisa M. "What's Driving the New Economy: The Benefits of Workplace Innovation." Working Paper No. 7479, National Bureau of Economic Research, January 2000. | |
| Brynjolfsson, Erik and Hitt, Lorin. "Beyond Computation: Information Technology, Organizational Transformation and Business Performance." Journal of Economic Perspectives, Fall 2000, 14, pp. 23-48. | |
| Bureau of Labor Statistics. "Employment Outlook: 1998-2008, Labor Force Projections to 2008: Growth and Changing Composition." Monthly Labor Review, November 1999, pp. 19-32. | |
| Caballero, Ricardo J. and Hammour, Mohamad L. "On the Timing and Efficiency of Creative Destruction." Quarterly Journal of Economics, August 1996, 111, pp. 805-52. | |
| Friedberg, Leora and Owyang, Michael. "The Role of Technological Change in Explaining the Evolution of Pension Structure." Unpublished manuscript, 2001. | |
| Kliesen, Kevin and Wheelock, David. "The Microchip Flexes Its Muscle: Can It Compete with History's Best?" The Regional Economist, Federal Reserve Bank of St. Louis, July 2001, pp. 5-9. | |
| Shimer, Robert. "Why is the Unemployment Rate So Much Lower?" National Bureau of Economics Macroeconomics Annual 1998. Bernanke, Ben S. and Julio J. Rotemberg, eds. Cambridge and London: MIT Press. | |