Raising the Speed Limit: U.S. Economic Growth in the Information Age

This paper examines the underpinnings of the successful performance of the US economy in the late 1990s. Relative to the early 1990s, output growth has accelerated by nearly two percentage points. We attribute this to rapid capital accumulation, a surge in hours worked, and faster growth of total factor productivity. The acceleration of productivity growth, driven by information technology, is the most remarkable feature of the US growth resurgence. We consider the implications of these developments for the future growth of the US economy ... Ce document examine les facteurs qui ont contribues aux tres bonnes performances de l’economie americaine a la fin des annees 90. Par rapport au debut des annees 90, le taux de croissance a augmente de pres de deux points de pourcentage. Nous attribuons ceci a la croissance accrue du capital, une augmentation importante des heures travaillees et une croissance plus rapide de la productivite multifactorielle. Cette acceleration de la croissance de la productivite, poussee par les technologies de l’information, est l’aspect le plus remarquable de la remontee de la croissance americaine. Nous prenons en consideration les implications de ces developpements pour la croissance future de l’economie americaine ...

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