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Monetary Policy in a World of Knowledge-Based Growth, Quality Change and Uncertain Measurement

Palgrave Macmillan
10/28/2001

Monetary Policy in a World of Knowledge-Based Growth, Quality Change and Uncertain Measurement Overview

As the development of the knowledge economy gathers speed, the fundamental structure of the global economy is undergoing drastic changes in the movement from tangible goods to a virtual output. At the same time, growing uncertainty in the stability of the markets has made monetary policy more difficult. The contributors to this book discuss the implication of our industrial past, the characteristics of information goods and their impact, the mis-measurement of price, the impact of current innovation on economic growth and the labor market, and optimal monetary policy in such circumstances. Leading economists contribute their ideas to the debate surrounding policy-making for the knowledge economy.


Monetary Policy in a World of Knowledge-Based Growth, Quality Change and Uncertain Measurement Table Of Content

List of Tables
List of Figures
Preface
List of Participants
Opening Remarks: Masaru Hayami
Reader's Guide: Tetsuya Inoue
Pt. I Keynote Speeches
1 Monetary Policy and the Quality of Information 3
2 Information Technology and Monetary Policy 26
Pt. II An Overview and Case Study of the Development of a Knowledge-Based Economy
3 Waiting for the Information Technology Revolution? 39
Comments 73
4 Markets for Information Goods 85
Comments 100
5 Effects of the Developments of a Knowledge-based Economy on Asset Price Movements: Theory and Evidence in the Japanese Stock Market 103
Comments 119
Pt. III The Productivity Paradox and Mismeasurement Problems
6 An Explanation of the Productivity Paradox: TFP Spillover through Capital Accumulation 125
Comments 170ä
7 The Productivity Paradox and Mismeasurement of Economic Activity 175
Comments 198
Pt. IV Implications of a Knowledge-Based Economy on Economic Growth and the Labour Market
8 Whatever Happended to Productivity? Investment and Growth in the G7 205
Comments 247
9 The Japanese Economy in a World of Knowledge-based Growth 252
Comments 270ä
10 Wage and Job Trends in the US Labour Market: An Assessment 276
Comments 305
Pt. V Monetary Policy Under the Irreversible Trend of a Knowledge-Based Economy
11 Monetary Policy in the Age of Information Technology 315
12 Monetary Policy in a Changing Economy: Indicators, Rules and the Shift Towards Intangible Output 347
Comments 369ä
Pt. VI Concluding Comments
13 Information Technology and the Financial Environment of Central Banking: Summary Comments 391
Pt. VII Background Paper
14 The Impact of Information Technology and Implications for Monetary Policy 399
Index 435


Readers' Reviews