The long-run impact of ICT |
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Authors: | Francesco Venturini |
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Institution: | (1) Department of Economics, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam, The Netherlands;(2) Department of Spatial Economics, Vrije Universiteit, Amsterdam, The Netherlands;(3) Algemene Rekenkamer (Netherlands Court of Audit), The Hague, The Netherlands |
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Abstract: | This paper examines the growth impact of digital capital in the US and the EU-15 countries from a long-run perspective. It
estimates the elasticity of output with respect to Information and Communication Technology (ICT) within a production function
framework, by means of a panel cointegration analysis. ICT capital is found to significantly spur GDP growth over time, and
above its income share. This sharply contrasts with existing aggregate evidence, and with the view that the growth impact
of this factor is confined to the contribution given to the productivity resurgence of the 1990s. |
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