A. Telecommunications and the Internet Boom: Analysis and Economic Perspectives.- 1. Trends in ICT Markets.- 2. Towards a New Economy.- 2.2 Growth, ICT Dynamics and Innovation.- 2.3 New Economy.- 2.3.1 The Digital Network Economy: Ten Basic Elements of the New Economy.- 2.3.2 Some Reflections on Computers.- 2.4 Information and Communication Technology, Trade and FDI.- 2.5 ICT Dynamics and Entrepreneurship.- 2.6 Internet and Company Dynamics.- 2.7 Competition in and Deregulation of Telecommunications.- 3. Boom in Telecommunications in the OECD.- 3.1 General Trends in Leading Industrial Countries.- 3.1.1 Privatization.- 3.1.2 Some Regulatory Problems after Privatization and Opening-up.- 3.1.3 Mobile Telecommunications: Growth and Auctioning of Licences.- 3.2 Financial Markets and the Internet.- 4. Internet Economics and the Digital Divide within the OECD.- 5. Telecoms Modernization, Productivity and Growth.- 6. Computer Lag, Network Fragmentation and Education Deficits: Policy Challenges in a European Perspective.- Appendix I: Accounting for the US Productivity Acceleration in the 1990s.- Appendix II: Relative Price of ICT Capital to Price of Capital and Growth Rates of ICT Capital Formation and Non-ICT Capital Formation in the US.- B. The Internet in Macroeconomic Analysis and Growth Analysis.- 1. Short Term and Long Term Aspects.- 2. The Internet in Macroeconomic Analysis.- 3. Internet, Telecommunications and Economic Growth.- 4. Internet, Innovativeness and the Real Exchange Rate.- 5. Information & Communication Technology and Growth: Some Neglected Dynamic Aspects in Open Digital Economies.- 5.1 Introduction.- 5.2 The Basic Analytics of ICT.- 5.2.1 Spillover Effects from Computers Used in Households.- 5.2.2 Endogenous Growth in an Open Economy.- 5.2.3 Network Effects and the Macroeconomic Production Function.- 5.2.4 Impact of the Internet in a Model with Human Capital and Unemployment.- 5.3 Conclusions and Policy Implications.- 5.4 High Dynamics of Telecommunications and Productivity Growth.- C. Telecommunications Policy in the European Union.- 1. Introduction.- 2. Changes in the Telecommunications Sector.- 2.1 Basic Regulatory Problems: Theoretical Aspects.- 2.2 The Competition Problem in Telephony and Foreign Investment.- 2.3 Market Convergence and Distortions from the Media Sector.- 2.4 Theory of Vertical Integration.- 2.5 Special Aspects of Telecoms and Information Markets.- 2.6 Regulations of Telecommunications and Internet Expansion.- 3. Traditional and New View of Telecommunications.- 3.1 Vertical Integration and Political Economy of Liberalization Policy.- 3.2 Implications for Deregulation.- 4. Competition in Network Industries.- 4.1 Network Theory, Technological Progress and Competition.- 4.2 Domestic Competition and Foreign Direct Investment in Telecommunications.- 5. Regulatory Issues.- 5.1 Regulary Framework and Regulatory Policy.- Appendix I: Monopoly Versus Competition in International Telephony.- Appendix II: Deregulation Dynamics.- Appendix III: External Effects of Telecoms Network Expansion.- Appendix IV: Transfer of Market Power in Interdependent Markets.- Appendix V: Telecommunications and Trade: Theory, Gravity Equation Analysis and Implications for Economic Policy.- D. Transatlantic Growth Differentials, ICT Dynamics, Fiscal Policy and Innovation Policy.- 1. Euro Weakness and Transatlantic Growth Differentials.- 2. Theoretical Analysis.- 2.1 ICT Dynamics and Growth.- 2.2 Perspectives on Inflation and Growth.- 2.3 What is the Impact of US Growth Leadership for the Euro?.- 3. Some Long Term Aspects.- 4. Internet, Telecommunications and Innovation.- 5. ICT Dynamics and Economic Policy.- 6. Innovation Policy Challenges.- Appendix I: Data from IMF Economic Outlook 2001 (or website).- Appendix II: A Simple Model of an Economy with Information.- Appendix III: Innovation, Savings and Growth.- List of Figures.- List of Tables.- References.