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Working Paper
Accounting for Innovations in Consumer Digital Services: IT still matters
This paper develops a framework for measuring digital services in the face of ongoing innovations in the delivery of content to consumers. We capture what Brynjolfsson and Saunders (2009) call "free goods" as the capital services generated by connected consumers' stocks of IT digital goods; this service flow augments the existing measure of personal consumption in GDP. Its value is determined by the intensity with which households use their IT capital to consume content delivered over networks, and its volume depends on the quality of the IT capital. Consumers pay for delivery services, ...
Speech
Emerging Issues for Risk Managers
Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech
The Song Remains the Same
Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.