The economies of the industrialized counties are being reshaped by
the rapid development and diffusion of advanced information and
communications technologies. Access to information is
unprecedented, and the ability to process and exchange information
has helped businesses increase efficiency and households raise
their standards of living. There has been considerable agreement as
to the broad features of the emerging information economy. But
there has been less consensus on the likely magnitude and
significance of the economic effects or on the important policy
issues raised by these developments. The Federal Reserve Bank of
Kansas City sponsored a symposium, "Economic Policy for the
Information Economy," at Jackson Hole, Wyoming, on August 30 -
September 1, 2001. The symposium brought together a distinguished
group of central bankers, academics, and financial market experts
to examine how the information economy will alter the structure of
economic activity. The symposium also served as a forum for
addressing key policy challenges resulting from the information age
changing the microeconomic and macroeconomic structure of the U.S.
and foreign economies. We hope these proceedings will contribute to
a better understanding of how the information economy will alter
the structure of economic activity. Thomas M. Hoenig President
Federal Reserve Bank of Kansas City
General
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