@article{Tyers:125983,
      recid = {125983},
      author = {Tyers, Rodney and Yang, Yongzheng},
      title = {Global Effects of US “New Economy” Shocks: the Role of  Capital-Skill Complementarity},
      address = {2001-01},
      number = {412-2016-25799},
      pages = {27},
      year = {2001},
      abstract = {We characterise “new economy” shocks as capital or skill  augmentation, associated
with the increasing prominence of  computers in the capital stock particularly in the US,  and
an increase in US investment at least partially  financed from abroad. A short-run
comparative static  analysis of these shocks using a global comparative static  multi-product
macroeconomic model confirms that the US  technology shocks alone expand the US and
global economies.  The investment shock, however, is associated with a flood  of foreign
savings into the US economy the effects of which  are more "zero sum” in nature. In the US
the technology  shocks alone advantage agriculture and mining by more with  capital-skill
complementarity but they are disadvantaged,  however, by the real exchange rate effects of
the  investment shock. The combined US shocks contract the  Canadian and Australasian
economies though the net effects  on their agricultures are small and mining gains.},
      url = {http://ageconsearch.umn.edu/record/125983},
      doi = {https://doi.org/10.22004/ag.econ.125983},
}