Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inflation and economic growth are no longer valid. But such a rethinking presupposes that prospective advances in information technology and other factors assoc...

Federal Reserve Bank of Atlanta E C O N O M I C R E V I E W Third Quarter 2002 I n 1998, Federal Reserve Board Chairman Alan Greenspan posed the provocative question, Is there a “new economy”? He described the new economy’s characteristics as including technological innovations that raise productivity and that have, accordingly, removed pricing power from the world’s producers on a more lasting...

T his paper analyses the relation between GNP sectors of Iran’s economy. The different sectors of the economy directly or indirectly affect each other and can complement or follow each other. Using a number of empirical tests, the paper finds evidence of seasonal or periodic integration in the underlying data. This means that the conventional cointegration tests may not be robust and in re...

it can be argued that fuel and energy sector plays a crucial part in the countries' development and improvement of people's living standards, constituting a pillar of economic development for nations. electricity is considered as an infrastructure for economic, social and cultural development in a way that the growth in electric power is evaluated as an indicator for measuring the gro...

Over many years, Ben Friedman’s economic research and writings in political economy frame economic analysis of— and moral consideration of—large government budget deficits and the need for fiscal consolidation in the United States. In his book The Moral Consequences of Economic Growth, Friedman emphasizes the salutary effects economic growth for openness and social cohesion. This essay emphasiz...

Article history: Received 26 June 2007 Received in revised form 28 December 2007 Accepted 26 February 2008 Available online 18 April 2008 Increasing criticism of resource-extractive and polluting heavy duty industries in urban areas, as well as continuing declines in timbering, farming and mining in rural areas, have created challenges for planners and policy makers seeking sustainable rural ec...

Twelve value drivers influencing the creation of value in different parts of value chains or value networks are discussed. These value drivers cover value created through supply and manufacturing, market interactions, demand and consumption. The relative importance of these value drivers is changing as the economy is changing from the conventional style to the new economy based on networks and ...