The diffusion of technological progress in ICT

We study whether technology gains in sectors related to Information and Communications Technology (ICT) increase productivity the rest of economy. To separate exogenous ICT from other technological progress, we use relative price goods services a structural VAR with medium-run restrictions. Using local projections estimate effect ICT-related on sectoral (TFP), find two sets results. First, since mid-2000s there have been positive persistent spillovers intensively using ICT. Second, neglecting leasing activity leads an overestimation TFP response for all except sector, where it is strongly underestimated.