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现象
American labor productivity growth slowed after the early1970s Oil Shocks but accelerated sharply after 1995. Although Europeanproductivity growth experienced the same slowdown, it has not enjoyed the samerebound.
Decompositions of US productivity growth show that alarge fraction of this recent growth occurred in those sectors that eitherproduce IT or intensively use IT. The IT intensity appears to be substantiallyhigher in the United States than in Europe, and this gap has not narrowed overtime.
原因
There are at least two broad classes of explanations.
First, there may be some “natural advantage” to beinglocated in the United States, enabling firms to make better use of theopportunity that comes from rapidly falling IT prices. These natural advantagescould be tougher product market competition, lower regulation, better access torisk capital, more educated or younger workers, larger market size, greatergeographical space, or a host of other factors.
Second, it is not ths US environment per se that mattersbut rather the way that US firms are managed that enables better exploitationof IT (“the US management hypothesis”).
Data
The first is from the UK Census Bureau and contains over11000 establishments.
The second is a firm-level panel covering seven Europeancountries and combines our own international survey of management practices, aprivate sector IT survey, and company accounting data.
结论
Foreign affiliates of US multinationals appear to obtainhigher productivity than non-US multinationals (and domestic firms) from theirIT capital and are also more IT intensive.