Equity prices, productivity growth and 'The New Economy'

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Standard

Equity prices, productivity growth and 'The New Economy'. / Madsen, Jakob B.; Davis, E. Philip.

I: Economic Journal, Bind 116, Nr. 513, 2006, s. 791-811.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Madsen, JB & Davis, EP 2006, 'Equity prices, productivity growth and 'The New Economy'', Economic Journal, bind 116, nr. 513, s. 791-811. https://doi.org/10.1111/j.1468-0297.2006.01112.x

APA

Madsen, J. B., & Davis, E. P. (2006). Equity prices, productivity growth and 'The New Economy'. Economic Journal, 116(513), 791-811. https://doi.org/10.1111/j.1468-0297.2006.01112.x

Vancouver

Madsen JB, Davis EP. Equity prices, productivity growth and 'The New Economy'. Economic Journal. 2006;116(513):791-811. https://doi.org/10.1111/j.1468-0297.2006.01112.x

Author

Madsen, Jakob B. ; Davis, E. Philip. / Equity prices, productivity growth and 'The New Economy'. I: Economic Journal. 2006 ; Bind 116, Nr. 513. s. 791-811.

Bibtex

@article{203684e08a8c11dbbee902004c4f4f50,
title = "Equity prices, productivity growth and 'The New Economy'",
abstract = "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",
author = "Madsen, {Jakob B.} and Davis, {E. Philip}",
note = "JEL Classification: E44, G10, O33",
year = "2006",
doi = "10.1111/j.1468-0297.2006.01112.x",
language = "English",
volume = "116",
pages = "791--811",
journal = "The Economic Journal",
issn = "0013-0133",
publisher = "Wiley",
number = "513",

}

RIS

TY - JOUR

T1 - Equity prices, productivity growth and 'The New Economy'

AU - Madsen, Jakob B.

AU - Davis, E. Philip

N1 - JEL Classification: E44, G10, O33

PY - 2006

Y1 - 2006

N2 - 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

AB - 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

U2 - 10.1111/j.1468-0297.2006.01112.x

DO - 10.1111/j.1468-0297.2006.01112.x

M3 - Journal article

VL - 116

SP - 791

EP - 811

JO - The Economic Journal

JF - The Economic Journal

SN - 0013-0133

IS - 513

ER -

ID: 314038