An economist who joined AEI after a career at the Federal Reserve Board that spanned more than 25 years, Stephen Oliner held a number of high-level positions at the Fed, most recently serving as a senior adviser in the Division of Research and Statistics. He was actively involved in the Fed's analysis of the U.S. economy and financial markets, and his research spanned a wide range of topics, including monetary policy, business capital spending, productivity growth, commercial real estate and the measurement of capital. Concurrent to his position at AEI, Mr. Oliner is a senior fellow at the UCLA Ziman Center for Real Estate. He also maintains an economic consulting practice.
Senior Fellow, UCLA Ziman Center for Real Estate, 2011–present
Senior Adviser, 2006–2011; Associate Director, 2000–2006; Assistant Director, 1997–2000, Division of Research and Statistics, Board of Governors of the Federal Reserve System
Chief, Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, 1994–1997
Senior Economist, 1989–1994; Economist, 1984–1989, Division of Research and Statistics, Board of Governors of the Federal Reserve System
Given the slow growth of labor productivity in recent years, some have argued that the boost from information technology may have run its course. Our analysis points to a less pessimistic conclusion. While projections of economic developments are always difficult, our judgment is that "No, the IT revolution is not over."
The new research described in this Letter provides the first comprehensive estimate of how long it takes to plan commercial real estate projects in the United States. The results show that planning times are long, have increased over time, and are influenced by the local regulatory environment.