Equity Prices, Productivity Growth and ‘The New Economy’
Datos Bibliográficos
| ID | 9715558 |
|---|---|
| Autores | Jakob B Madsen (0000-0002-4952-3043, University of Copenhagen and Monash University), E Philip Davis (0000-0002-3241-8626, Brunel University) |
| Año | 2006 |
| Volumen | 116 |
| Número | 513 |
| Páginas | 791-811 |
| Fecha de publicación | 2006-07-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2006.01112.x |
| OpenAlex | W2120156783 |
| Idioma | EN |
| Citas recibidas | 5 |
| Referencias citadas | 45 |
The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This article establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empirical evidence gives strong support for the model by suggesting that technological innovations indeed have only temporary effects on equity returns. Copyright 2006 The Authors. Journal compilation Royal Economic Society 2006
Economic growth · Economic history · Economics · Equity (law · Political science · Productivity · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Law · Monetary Policy and Economic Impact
International R&D spillovers
Generalized impulse response analysis in linear multivariate models
Serial Correlation and the Fixed Effects Model
Information Technology and the U.S. Economy
Tobin's Marginal q and Average q
Testing for unit roots in heterogeneous panels
Technological Revolutions and Financial Capital
Profit Rates and Intangible Capital
A Model of Growth Through Creative Destruction
A Cross-Sectional Test of an Investment-Based Asset Pricing Model
R & D-Based Models of Economic Growth
Endogenous Technological Change
Specification Searches
Innovation and Growth in the Global Economy
A Recursive Modelling Approach to Predicting UK Stock Returns
The Measurement of Durable Goods Prices
Does the "New Economy" Measure up to the Great Inventions of the Past
| Obras citantes distintas | 5 |
|---|---|
| Citas por año | 0,29 |
| Intervalo de citas | 2009 - 2019 (11) |
| Velocidad de citación | historical |
| Altamente citado | No |
| Tipos de cita | Neutras: 5 |