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metadata language: English

Was Y2K Behind the Business Investment Boom and Bust?

Version
v1
Resource Type
Dataset : survey data
Creator
  • Kliesen, Kevin L. (Federal Reserve Bank of St. Louis)
Other Title
  • Version 1 (Subtitle)
Publication Date
2003-04-18
Language
English
Free Keywords
business expenditures; economic growth; high tech industry; information technology; technology; technological change
Description
  • Abstract

    During the latter part of the 1990s, United States economic growth was boosted by sizable increases in business purchases of information processing equipment and software, otherwise known as high-tech capital goods. Beginning in 2000, though, firms began to curtail these expenditures. By 2001, high-tech and other forms of business investment were falling sharply. Indeed, much of the downturn in the growth of United States economic activity can be traced to the sharp decline in investment spending. Several explanations have been offered, from the acceleration in labor productivity -- the so-called "New Economy" story -- to the stock market surge and subsequent collapse. One explanation that has not been explored in much detail is the surge in business purchases of hardware and software in preparation for the century data change (Y2K). Because many information processing systems and much of the hardware and software were not Y2K-compliant as late as 1998, it was thought that business investment in high-tech equipment and software would increase appreciably to fix this problem. Although solid Y2K spending data are lacking, the evidence presented in this paper indicates that the magnitude and timing of Y2K-related expenditures make it unlikely that the investment boom and bust was a Y2K event.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The file submitted is the data file, 0301kkd.xls. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

Availability
Download
This study is freely available to the general public via web download.
Alternative Identifiers
  • 1277 (Type: ICPSR Study Number)
Publications
  • Kliesen, Kevin L.. Was Y2K behind the business investment boom or bust?. Federal Reserve Bank of St. Louis Review.85, (1), 31-42.2003.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Kliesen, Kevin L. (2003): Was Y2K Behind the Business Investment Boom and Bust?. Version 1. Version: v1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01277.v1