TITLE

Potential Productivity and the Stock Market in the `New' U.S. Economy

AUTHOR(S)
Prakken, Joel L.
PUB. DATE
April 2000
SOURCE
Business Economics;Apr2000, Vol. 35 Issue 2, p15
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Rapidly declining prices of capital goods recently have pushed the underlying growth of worker productivity to rates rivaling those of the 1960s. This acceleration of productivity helps explain today's lofty equity valuations. The obscure irony is that faster productivity growth, by boosting the equilibrium real rate of interest and by engendering sizeable "wealth effects" on aggregate demand, may well require tighter--not easier--monetary policy, and corporate treasurers may expect financing costs to increase.
ACCESSION #
3034806

 

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