THE INFORMATION TECHNOLOGY REVOLUTION AND THE PUZZLING TRENDS IN TOBIN'S AVERAGE q
用一般均衡理论解释1973-74年美国公司市值暴跌50%并停滞15年的现象，认为信息技术革命和生产率放缓这两个技术冲击可以解释宏观趋势和市值下跌。
The market value of U.S. corporations declined by 50% during 1973–74 and stagnated for the following 15 years. This abrupt decline in market valuations coincided with two technology shocks: (1) the start of the information technology revolution and (2) a sudden slowdown in productivity growth. I use general equilibrium theory to quantify the macroeconomic and asset price implications of these two shocks. The information technology revolution and the productivity slowdown make the theory consistent with the trends of key macroeconomic aggregates from the mid‐1970s to the 1990s, and can also account for most of the drop in market values.