YENİ EKONOMİ MAKROEKONOMİSİ: SON “AZALAN BEKLEYİŞLER ALTIN ÇAĞI

Birle ik Devletlerin, 1990’ların sonlarındaki ola anüstü ekonomik ba arısı pek çok ekonomisti ‘Yeni Ekonomi’ ile ilgili mülahazalara sevketmi tir. ‘Yeni Ekonomi’ anlayı ına göre, teknolojik geli meler, yüksek oranlı sürdürülebilir üretkenlik artı ına, bu da çok dü ük i sizlik ve daha az enflasyonun e lik etti i daha hızlı bir ekonomik büyümeye neden olmu tur. Fakat, 2000’den bu yana devam eden geli meler-borsada uzun ve derin ba a a ı ini ler, i letmelerin yatırımlarındaki azalı lar ve bunları takip eden durgunluk- Yeni Ekonomi görü ünün hala geçerli olup olmadı ı hakkında birçok soruyu gündeme getirmi tir. Bu makale, pekço u internetin yükseli i ile sıkı sıkıya ba lantılı Yeni Ekonominin temel konularını detaylı bir biçimde gözden geçirmektedir

THE NEW ECONOMY MACROECONOMICS: THE LATE “GOLDEN AGE OF DIMINISHED EXPECTATION

The remarkable economic success of the US in the late 1990s led many economists to talk about a 'New Economy', according to which technological advances had brought on a higher sustained level of productivity growth that allowed faster economic growth with less inflation, and very low unemployment. But given the events since 2000-the long, steep stock market downturn, the falloff in business investment and the subsequent recession-many questions arose based on whether anything in the New Economy view is valid. This essay provides a detailed overview of the main issues, many of them closely linked to the rise of the Internet.

___

  • BAILY, M. N. (2001) Macroeconomic implications of the new economy, in A Symposium Sponsored by Federal Reserve Bank of Kansas City: Economic Policy for the Information Economy, Jackson Hole, Wyoming, August 30- September 1, 2001: pp. 201-268.
  • BAILY, M. N., BARTELSMAN, E. & HALTIWANGER, J. (2001) Labor productivity : structural change and cyclical dynamics, Review of Economics and Statistics, 83 (3), pp. 420-433.
  • BALL, L. & TCHIADZE, R. (2002) The fed and the new economy, American Economic Review, 92 (2), pp.108-114.
  • BRYNJOLFSSON, E. & HITT, L. (2000) Beyond computation : information technology, organizational transformation, and business performance, Journal of Economic Perspectives, 14 (4), pp. 23-48.
  • CLAUSSEN, C. A. & STAEHR, K. (2001) Explaining the low US inflation- coincidence or “new economy”? Evidence based on a wage-price spiral, Norges Bank, Working Paper, International Department. No. ANO 2001/2.
  • COUNCIL OF ECONOMIC ADVISORS (2001) Economic report of the president. Washington D. C.: Government Printing Office. January.
  • DeLONG, J. B. & SUMMERS, L H. (2001) The ‘New Economy’ : background, historical perspective, questions, and speculations, in A Symposium Sponsored by the Federal Reserve Bank of Kansas City: Economic Policy for the Information Economy, Jackson Hole, Wyoming, August 31-September 1, 2001: pp. 11-45.
  • DORNBUSCH, R. (1998) Recession-no, thank you , Wall Street Journal, July 30.
  • FORMAINI, R. L. & SIEMS, T. F. (2003) New economy myths and reality, Federal Reserve Bank of Dallas Southwest Economy, May/June, Issue 3, pp. 5-8.
  • GORDON, R. J. (1998) Foundations of the goldilocks economy : supply shocks and the time-varying NAIRU, Brookings Papers on Economic Activity, No. 2, pp. 297-346.
  • GORDON, R. J. (2000) Does the ‘New Economy’ measure up to the great inventions of the past?, Journal of Economic Perspectives, 14(4), pp. 49-74.
  • JORGENSON, D. W. & STIROH, K. J. (2000) Raising the speed limit : U.S. economic growth in the information age, Brookings Papers on Economic Activity, No. 1, pp. 125-211.
  • KATZ, L. F. & KRUEGER, A. B. (1999) The high-pressure U.S. labor market of the 1990s, Brookings Papers on Economic Activity, No. 1, pp. 1-87.
  • KRUGMAN, P. (1998), The age of diminished expectations : U.S. economic policy during the 1990s, Cambridge, Massachusetts: The MIT Press. Third Edition.
  • OLINER, S. D. & SICHEL, D. E. (2000) The resurgence of growth in the late 1990s : is information technology the story?, Journal of Economic Perspectives, 14(4), pp. 3-22.
  • SIMS, C. (1999) Comments on Katz and Krueger, Brookings Papers on Economic Activity, No.1, p. 79.
  • STOCK, J. H. (1998) Comments on Gordon. Brookings Papers on Economic Activity, 2, pp. 334-341.
  • STOCK, J. H.& WATSON, Mark W. (1999) Forecasting inflation, Journal of Monetary Economics, 44, pp. 293-335.
  • TEMPLE, J. (2002) An assessment of the new economy, Bristol Economics Discussion Papers, University of Bristol, Working Paper, No.02/542.
  • VARIAN, H. R. (2001) High-technology industries and market structure, in A Symposium Sponsored by the Federal Reserve Bank of Kansas City: Economic Policy for the Information Economy, Jackson Hole, Wyoming, August 31- September 1, 2001, pp. 65-101.