My Citations
Scholar Home
  Advanced Scholar Search



Scholar      Create email alertResults 1 - 100 of about 196. (0.36 sec) 

User profiles for author:"Boyan Jovanovic"

Boyan Jovanovic

NYU Economics
Verified email at nyu.edu
Cited by 18362

Selection and the Evolution of Industry

[PDF] from edegan.com
B Jovanovic - Econometrica: Journal of the Econometric Society, 1982 - JSTOR
Recent evidence shows that within an industry, smaller firms grow faster and are more likely
to fail than large firms. This paper provides a theory of selection with incomplete information
that is consistent with these and other findings. Firms learn about their efficiency as they ...
Cited by 3394 - Related articles - Get it from MIT Libraries - Library Search - All 18 versions

Job matching and the theory of turnover

[PDF] from harvard.edu
B Jovanovic - The Journal of Political Economy, 1979 - JSTOR
A long-run equilibrium theory of turnover is presented and is shown to explain the important
regularities that have been observed by empirical investigators. A worker's productivity in a
particular job is not known ex ante and becomes known more precisely as the worker's job ...
Cited by 2346 - Related articles - Get it from MIT Libraries - Library Search - All 21 versions

Financial development, growth, and the distribution of income

[PDF] from ens.fr
J Greenwood… - 1989 - nber.org
ABSTRACT A paradigm is presented where both the extent of financial intermediation and
the rate of economic growth are endogenously determined. Financial intermediation
promotes growth because it allows a higher rate of return to be earned on capital, and ...
Cited by 1984 - Related articles - Library Search - All 28 versions

An estimated model of entrepreneurial choice under liquidity constraints

[PDF] from edegan.com
DS Evans… - The Journal of Political Economy, 1989 - JSTOR
Is the capital function distinct from the entrepreneurial function in modern economies? Or
does a person have to be wealthy before he or she can start a business? Knight and
Schumpeter held different views on the answer to this question. Our empirical findings ...
Cited by 1912 - Related articles - Get it from MIT Libraries - Library Search - All 11 versions

The life-cycle of a competitive industry

[PDF] from wustl.edu
B Jovanovic… - 1994 - nber.org
Firm numbers first rise, and then fall as the typical industry evolves. This nonmonotonicity in
the number of producers is explained in this paper using a competitive model in which
innovation opportunities induce firms to enter, but in which a firm's failure to implement ...
Cited by 589 - Related articles - BL Direct - All 22 versions

[CITATION] Stock markets and development

Full text - MIT Libraries
R Atje… - European Economic Review, 1993 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Stock markets and development. Raymond Atje and Boyan Jovanovic (). European
Economic Review, 1993, vol. 37, issue 2-3, pages 632-640. ...
Cited by 596 - Related articles - Cached - All 7 versions

Firm-specific capital and turnover

[PDF] from boyanjovanovic.com
B Jovanovic - The Journal of Political Economy, 1979 - JSTOR
This is a model of permanent job separations when there are endogenous firm-specific
human capital and intensity of on-the-job search. The result is a combination of human-
capital theory with the theory of search turnover and search unemployment. An interesting ...
Cited by 538 - Related articles - Get it from MIT Libraries - All 8 versions

Labor mobility and wages

J Mincer… - 1982 - nber.org
Workers' compensation insurance provides cash payments and medical benefits to workers
who incur a work-related injury or illness. Many features of the workers' compensation
program parallel features of proposed mandated employer-paid health insurance plans. ...
Cited by 437 - Related articles - All 10 versions

Learning by Doing and the Choice of Technology.

[PDF] from boun.edu.tr
B Jovanovic… - 1994 - nber.org
This paper explores a one-agent Bayesian model of learning by doing and technological
choice. To produce output, the agent can choose among various technologies. The
beneficial effects of learning by doing are bounded on each technology, and so long-run ...
Cited by 382 - Related articles - Library Search - BL Direct - All 16 versions

The Q-theory of mergers

[PDF] from kli.re.kr
B Jovanovic… - 2002 - nber.org
The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue
here that this theory also explains why some firms buy other firms. We find that 1. A firm's
merger and acquisition (M&A) investment responds to its Q more--by a factor of 2.6--than ...
Cited by 339 - Related articles - BL Direct - All 30 versions

Competitive diffusion

[PDF] from wustl.edu
B Jovanovic… - 1994 - nber.org
The usual explanation for why the producers of a given product use different technologies
involves" vintage-capital": A firm understands the frontier technology, but can still prefer an
older, less efficient technology in which it has made specific physical and human capital ...
Cited by 306 - Related articles - BL Direct - All 17 versions

The growth and diffusion of knowledge

Full text - MIT Libraries
B Jovanovic… - The Review of Economic Studies, 1989 - restud.oxfordjournals.org
Abstract This paper analyzes a decentralized process for the diffusion of knowledge. In
equilibrium, the economy converges from an initial distribution of knowledge over agents to
the steady-state distribution, which is unique. Because of the public good aspect of ...
Cited by 268 - Related articles - All 6 versions

Matching, turnover, and unemployment

B Jovanovic - The Journal of Political Economy, 1984 - JSTOR
This paper develops the view that workers move into and out of the labor market because of
changes in the perceived value of their market opportunities. A search model is combined
with a matching model to yield movement of workers from job to job and into and out of ...
Cited by 251 - Related articles - Get it from MIT Libraries - All 5 versions

Entry, exit, and diffusion with learning by doing

B Jovanovic… - The American Economic Review, 1989 - JSTOR
Early entry has the advantage of higher revenues per unit of output early on. Late entry has
the benefit of learning from the experience of earlier entrants, and hence lower production
costs. These advantages are balanced off in a continuous time perfect foresight ...
Cited by 232 - Related articles - Get it from MIT Libraries - Library Search - All 11 versions

The information technology revolution and the stock market: Evidence

[PDF] from frb.org
B Hobijn… - 2000 - nber.org
Since 1968, the ratio of stock market capitalization to GDP has varied by a factor of 5. In
1972, the ratio stood at above unity, but by 1974, it had fallen to 0.45 where it stayed for the
next decade. It then began a steady climb, and today it stands above 2. We argue that the ...
Cited by 234 - Related articles - Library Search - BL Direct - All 25 versions

Truthful disclosure of information

[PDF] from msu.edu
B Jovanovic - The Bell Journal of Economics, 1982 - JSTOR
This article is about disclosure of quality. The question that it seeks to answer is: Does the
free market offer enough incentive for business to disclose? The article concludes that
whether information is of purely private value or not, more than the socially-optimal ...
Cited by 227 - Related articles - Get it from MIT Libraries - All 11 versions

The IT revolution and the stock market

[PDF] from nyu.edu
J Greenwood… - 1999 - nber.org
A new technology or product is often developed by the single entrepreneur. Whether he
reaches the public offering stage or is acquired by a listed firm it takes time for the innovator
to add value to the stock market. Indeed first, reduce the market's value because some ...
Cited by 224 - Related articles - Library Search - BL Direct - All 35 versions

[PDF] Accounting for growth

[PDF] from nber.org
J Greenwood… - 2001 - nber.org
The story of technological progress is the invention and subsequent implementation of
improved methods of production. All models of growth incorporate this notion in some way.
For example, the celebrated Solow (1956) model assumes that technological progress ...
Cited by 205 - Related articles - View as HTML - Library Search - BL Direct - All 22 versions

Optimal international reserves: a stochastic framework

Full text - MIT Libraries
JA Frenkel… - The Economic Journal, 1981 - JSTOR
Studies of the official demand for international reserves have typically considered the
variability of international receipts and payments as one of the key determinants of optimal
reserve holdings. The dependence of the optimal holdings of reserves on the variability of ...
Cited by 206 - Related articles - Library Search - All 5 versions

General purpose technologies

[PDF] from vanderbilt.edu
B Jovanovic… - Handbook of economic growth, 2005 - Elsevier
Abstract A general purpose technology or GPT is a term coined to describe a new method of
producing and inventing that is important enough to have a protracted aggregate impact.
Electricity and information technology (IT) probably are the two most important GPTs so far ...
Cited by 200 - Related articles - Library Search - All 28 versions

Externalities and growth accounting

J Benhabib… - 1989 - nber.org
ABSTRACT We reexamine several bodies of data on the growth of output, labor, and capital,
within the context of a model that admits the possibility of an externality to the capital input.
The model is an augmented version of Paul Romer's (1987) reformulation of the Solow ...
Cited by 189 - Related articles - Library Search - All 12 versions

Learning and growth

B Jovanovic - 1995 - nber.org
In this survey, I discuss four sources of growth of knowledge: research, schooling, learning
by doing, and training. In trying to disentangle what is important, I emphasize the following
facts:(1) even the most advanced countries spend far more on adoption of existing ...
Cited by 167 - Related articles - Library Search - BL Direct - All 8 versions

The diversification of production

[PDF] from brookings.edu
Full text - MIT Libraries
B Jovanovic… - Brookings papers on economic activity. …, 1993 - JSTOR
MOST FIRMS TODAY produce more than one product. In this sense their production is
diversified, or horizontally integrated. This paper addresses two questions. First, why have
firms become more diversified over the past century? And second, why are diversified ...
Cited by 150 - Related articles - Library Search - BL Direct - All 13 versions

A Bayesian learning model fitted to a variety of empirical learning curves

[PDF] from santafe.edu
Full text - MIT Libraries
B Jovanovic… - Brookings Papers on Economic Activity. …, 1995 - JSTOR
WHERE DOES TECHNOLOGICAL progress come from and what determines its rate of
advance? In answering these questions, it is useful to decompose technological progress
into the invention of new techniques and products and the improvement of existing ones. ...
Cited by 128 - Related articles - BL Direct - All 10 versions

Inflation and welfare in the steady state

[PDF] from boyanjovanovic.com
B Jovanovic - The Journal of Political Economy, 1982 - JSTOR
This is a paper on expected inflation and welfare in steady-state equilibrium. The demand
for money is an inventory demand with an endogenous payment period--the Clower
constraint is not imposed. Higher inflation reduces welfare by reducing consumption, as ...
Cited by 129 - Related articles - Get it from MIT Libraries - Library Search - All 10 versions

Mergers as reallocation

[PDF] from cigilibrary.org
Full text - MIT Libraries
B Jovanovic… - The Review of Economics and Statistics, 2008 - MIT Press
Abstract We model merger waves as reallocation waves, and argue that mergers spread
new technology in a way that is similar to that of the entry and exit of firms. We focus on two
periods: 1890-1930, during which electricity and the internal combustion engine spread ...
Cited by 126 - Related articles - Library Search - BL Direct - All 45 versions

Vintage capital and inequality

[PDF] from nyu.edu
B Jovanovic - 1998 - nber.org
If machines are indivisible, a vintage capital model must give rise to income inequality. If
new machines are always better than old ones and if society cannot provide everyone with a
new machine all of the time, inequality will result. I explore this mechanism in detail. If ...
Cited by 123 - Related articles - Library Search - BL Direct - All 21 versions

Long waves and short waves: Growth through intensive and extensive search

[PDF] from dklevine.com
B Jovanovic… - Econometrica: Journal of the Econometric Society, 1990 - JSTOR
This paper endogenizes the frequency of major discoveries and the extent of their
refinement. Four axioms deliver a one-parameter family of beliefs that guide exploratory
effort. Such effort trades off the prospect of major new discovery against the chance of ...
Cited by 122 - Related articles - Get it from MIT Libraries - Library Search - All 13 versions

Knowledge spillovers and inequality

[PDF] from nyu.edu
Full text - MIT Libraries
J Eeckhout… - The American Economic Review, 2002 - ingentaconnect.com
Abstract: We develop a dynamic model with knowledge spillovers in production. The model
contains two opposing forces. Imitation of other firms helps followers catch up with leaders,
but the prospect of doing so makes followers want to free ride. The second force ...
Cited by 116 - Related articles - BL Direct - All 24 versions

Why wait? A century of life before IPO

[PDF] from nyu.edu
B Jovanovic… - 2001 - nber.org
Firms that entered the stock market in the 1990s were younger than any earlier cohort since
World War I. Surprisingly, however, firms that IPO'd at the close of the 19th century were just
as young as the companies that are entering today. We argue here that the electrification- ...
Cited by 113 - Related articles - Library Search - BL Direct - All 25 versions

An estimate of a sectoral model of labor mobility

B Jovanovic… - 1990 - nber.org
ABSTRACT This paper develops a model of sectoral labor mobility and tests its main
implications. The model nests two distinct hypotheses on the origin of mobility:(a) sectoral
shocks (Lucas and Prescott, 1974) and (b) workeremployer mismatch (Jovanovic, 1979, ...
Cited by 114 - Related articles - Library Search - All 12 versions

Observable implications of models with multiple equilibria

B Jovanovic - Econometrica: Journal of the Econometric Society, 1989 - JSTOR
ECONOMIC MODELS with multiple equilibria are now so common in economics that we
need a general framework for statistical inference in such models. Existing theory on
structural inference developed by Koopmans and others is inadequate in this regard, ...
Cited by 103 - Related articles - Get it from MIT Libraries - Library Search - All 9 versions

Bidder discounts and target premia in takeovers

[TXT] from nyu.edu
B Jovanovic… - 2002 - nber.org
When a takeover is announced, the sum of the stock-market values of the firms involved
often falls, and the value of the acquirer almost always does. Does this mean that takeovers
do not raise the values of the firms involved? Not necessarily. We set up a model in which ...
Cited by 92 - Related articles - BL Direct - All 42 versions

The transfer of human capital

[PDF] from nyu.edu
Full text - MIT Libraries
B Jovanovic… - Journal of Economic Dynamics and Control, 1995 - Elsevier
Most of our productive knowledge was handed down to us by previous generations. The
transfer of knowledge from the old to the young is therefore a cornerstone of productivity
growth. We study this process in a model in which the old sell knowledge to the young— ...
Cited by 83 - Related articles - All 16 versions

Stepping-stone mobility

[PDF] from nyu.edu
Full text - MIT Libraries
B Jovanovic… - Carnegie-Rochester Conference Series on Public …, 1997 - Elsevier
People at the top of an occupational ladder earn more partly because they have spent time
on lower rungs, where they have learned something. But what precisely do they learn?
There are two contrasting views: First, the “Bandit” model assumes that people are ...
Cited by 85 - Related articles - BL Direct - All 15 versions

Firm formation with heterogeneous management and labor skills

Full text - MIT Libraries
B Jovanovic - Small Business Economics, 1994 - Springer
When both management skills and labor skills differ in the population, the nature of firm
formation can differ radically from the equilibrium we are used to dealing with: The best
potential managers could end up as wage workers. This happens when managerial skills ...
Cited by 85 - Related articles - BL Direct - All 4 versions

On transactions and precautionary demand for money

[PDF] from oxfordjournals.org
J Frenkel… - 1981 - nber.org
This paper develops a stochastic framework for the analysis of transactions and
precautionary demand for money. The analysis is based on the principles of inventory
managements and the key feature of the model is its stochastic characteristics which lead ...
Cited by 80 - Related articles - Library Search - All 11 versions

[PDF] Mergers and technological change: 1885-1998

[PDF] from psu.edu
B Jovanovic… - Unpublished working paper, Vanderbilt …, 2001 - Citeseer
Abstract We analyze mergers over the past century in a growth model that emphaM sizes
technological change. We explain the positive relation between mergers and stock prices,
the positive relation between internal growth of firms and their acquisitions, and the ...
Cited by 70 - Related articles - View as HTML - Library Search - All 13 versions

Micro shocks and aggregate risk

[PDF] from oxfordjournals.org
Full text - MIT Libraries
B Jovanovic - The Quarterly Journal of Economics, 1987 - qje.oxfordjournals.org
Abstract The paper presents a “micro” shock explanation of aggregate risk. Shocks are
independent over agents, and equilibria are always unique. It is shown that any amount of
aggregate risk can be generated by games in which shocks to players are independent. ...
Cited by 68 - Related articles - Library Search - All 8 versions

Asymmetric cycles

[PDF] from idei.fr
Full text - MIT Libraries
B Jovanovic - Review of Economic Studies, 2006 - Wiley Online Library
I estimate a model in which new technology entails random adjustment needs. Rapid
adjustments may cause measured productivity to decline. The slow-downs persist because
adjustment is costly, and hence protracted. The model explains both the “steepness” and ...
Cited by 63 - Related articles - Library Search - BL Direct - All 25 versions

Product innovation and the business cycle

[PDF] from huji.ac.il
B Jovanovic… - International Economic Review, 1997 - JSTOR
Microeconomic data show two important facts about new products. First, some products are
more important than others. And second, it takes them years to penetrate the market
significantly. Our calibrated model with these features overpredicts the autocovariance of ...
Cited by 61 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 10 versions

New technology and the small firm

Full text - MIT Libraries
B Jovanovic - Small Business Economics, 2001 - Springer
How much of our wealth is created by small firms? The question is somewhat misleading because
many of today's giant firms did not exist thirty years ago. Consider Table I, which reports the twenty
largest companies by market capital- ization, as of the end of August 1999, and the dates ...
Cited by 61 - Related articles - BL Direct - All 6 versions

Moore's Law and Learning-by-doing

[PDF] from vanderbilt.edu
B Jovanovic… - 2002 - nber.org
We model Moore's Law as efficiency of computer producers that rises as a by-product of
their experience. We find that (1) Because computer prices fall much faster than the prices of
electricity-driven and diesel-driven capital ever did, growth in the coming decades should ...
Cited by 56 - Related articles - Library Search - BL Direct - All 22 versions

Optimal adoption of complementary technologies

[PDF] from umich.edu
B Jovanovic… - American Economic Review, 2000 - JSTOR
When a production process requires two extremely complementary inputs, conventional
wisdom holds that a firm would always upgrade them simultaneously. We show, however,
that if upgrading each input involves a fixed cost, the firm may upgrade them at different ...
Cited by 51 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 18 versions

Fitness and Age: Review of Carroll and Hannan's" Demography of Corporations and Industries"

[PDF] from nyu.edu
Full text - MIT Libraries
B Jovanovic - Journal of Economic Literature, 2001 - JSTOR
THE DEMOGRAPHY of Corporations and Industries (2000) by Glenn R. Carroll and Michael
T. Hannan is about the birth, aging, and death of organizations and industries. The authors
are sociologists who teach at prominent business schools and are familiar with economics ...
Cited by 49 - Related articles - BL Direct - All 14 versions

Vintage organization capital

[PDF] from frb.org
B Jovanovic… - 2001 - nber.org
We study 114 years of US stock market data and find That there are large cohort effects in
stock prices, effects that we label'organization capital,'That cohort effects grew at a rate of
1.75% per year, That the debt-equity ratio of all vintages declined, That three big ...
Cited by 48 - Related articles - Library Search - BL Direct - All 21 versions

[BOOK] The Bayesian foundations of learning by doing

B Jovanovic, Y Nyarko… - 1994 - econ.nyu.edu
Abstract. This paper explores a one-agent Bayesian model of learning by doing and
technological choice. To produce output, the agent can choose among various technologies.
The beneficial effects of learning by doing are bounded on each technology, and so long ...
Cited by 41 - Related articles - View as HTML - Get it from MIT Libraries - BL Direct - All 9 versions

Solow vs. Solow: Machine prices and development

B Jovanovic… - 1997 - nber.org
Machines are more expensive in poor countries, and the relation is pronounced. It is hard for
a Solow (1956) type of model to explain the relation between machine prices and GDP
given that in most countries equipment investment is under 10% of GDP. A stronger ...
Cited by 40 - Related articles - Library Search - BL Direct - All 8 versions

SHAKEOUTS AND MARKET CRASHES*

[TXT] from nyu.edu
Full text - MIT Libraries
A Barbarino… - International Economic Review, 2007 - Wiley Online Library
This article provides a microfoundation for the rise in optimism that seems to precede market
crashes. Small, young markets are more likely to experience stock-price run-ups and
crashes. We use a Zeira–Rob type of model in which demand size is uncertain. Optimism ...
Cited by 40 - Related articles - BL Direct - All 29 versions

Work, Rest, and Search: Unemployment, Turnover, and the Cycle

B Jovanovic - Journal of Labor Economics, 1987 - JSTOR
This paper presents a model that generates procyclical search, procyclical labor productivity,
and countercyclical unemployment broadly consistent with the actual behavior of these time
series. Concretely, the model introduces an aggregate shock into the sectoral demand- ...
Cited by 38 - Related articles - Get it from MIT Libraries - All 5 versions

Demand-driven innovation and spatial competition over time

[PDF] from nyu.edu
Full text - MIT Libraries
B Jovanovic… - The Review of Economic Studies, 1987 - restud.oxfordjournals.org
Abstract This paper explores a model of innovation and spatial competition over time. A key
implication of the paper is that firms' size is positively autocorrelated across time. The
mechanism that generates this persistence works only in heterogenous-product markets ...
Cited by 36 - Related articles - All 11 versions

[CITATION] Entrepreneurial choice when people differ in their management and labor skills

Full text - MIT Libraries
B Jovanovic - Small Business Economics, 1994
Cited by 36 - Related articles

Growth Theory

B Jovanovic - 2000 - nber.org
Growth theory offers two plausible explanations of growth. One stresses the supply of
productive ideas and holds that the industrial revolution had to wait until we had thought up
enough inventions to lift us into the era of modern growth. It says, roughly, that the growth ...
Cited by 35 - Related articles - Library Search - BL Direct - All 6 versions

[CITATION] Solow vs. Solow

B Jovanovic… - 1997
Cited by 33 - Related articles

The efficiency of search under competition and monopsony

[PDF] from nyu.edu
J Albrecht… - The Journal of Political Economy, 1986 - JSTOR
This paper compares monopsonistic and competitive search equilib- ria. Phelps (1972) claimed
that monopsony power on the part of firms would lead to excessive search and deficient employment
from the social point of view. These conclusions were later challenged by Pres- cott ...
Cited by 31 - Related articles - Get it from MIT Libraries - Library Search - All 9 versions

Entry with private information

[PDF] from boyanjovanovic.com
B Jovanovic - The Bell Journal of Economics, 1981 - JSTOR
Models of firms' location in new markets, and certain repeated games have the feature that
players must make location decisions (either in geographical space or in product-
characteristics space) in an uncertain environment and without the precise knowledge of ...
Cited by 26 - Related articles - Get it from MIT Libraries - All 10 versions

The diffusion of technology and inequality among nations

B Jovanovic… - 1991 - nber.org
One usually accounts for output growth in terms of the growth of the primary inputs: labor,
physical capital, and possibly human capital. In this paper we account for growth with labor
and with intermediate goods. Because we have no measures of the extent of adoption of ...
Cited by 25 - Related articles - Library Search - All 12 versions

Was the Great Depression a low-level equilibrium?

[PDF] from nyu.edu
Full text - MIT Libraries
J Dagsvik… - European Economic Review, 1994 - Elsevier
If the Great Depression indeed was a bad equilibrium, then there was another, better
equilibrium that the economy might have been in, but wasn't. This is the multiple equilibrium
explanation. But another explanation is that equilibrium was unique, and that there were ...
Cited by 25 - Related articles - Library Search - All 16 versions

Bubbles in Prices of Exhaustible Resources

[PDF] from dklevine.com
B Jovanovic - 2007 - nber.org
Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable
resources also contains a continuum of bubble equilibria. In all the equilibria the price of the
resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of ...
Cited by 23 - Related articles - BL Direct - All 31 versions

Optimal migration: A world perspective

[PDF] from nyu.edu
J Benhabib… - 2007 - nber.org
We ask what level of migration would maximize world welfare. We find that skill-neutral
policies are never optimal. An egalitarian welfare function induces a policy that entails
moving mainly unskilled immigrants into the rich countries, whereas a welfare function ...
Cited by 23 - Related articles - Library Search - BL Direct - All 21 versions

Contracts and money

[PDF] from nyu.edu
B Jovanovic… - 1996 - nber.org
We analyze the contractual relation between workers and their employers when there is
nominal risk. The key feature of the problem is that the consumption deflator is random and
observed sometime after the effort is exerted. The worker's effort is not observable, and to ...
Cited by 22 - Related articles - Library Search - BL Direct - All 16 versions

Middlemen in limit-order markets

[PDF] from 128.36.236.74
B Jovanovic… - 2010 - papers.ssrn.com
Abstract: A limit-order market enables an early seller to trade with a late buyer by leaving a
price quote. But, public news in the interarrival period creates adverse selection for the seller
and therefore hampers trade. Machines, operated by high-frequency traders (HFTs), might ...
Cited by 25 - Related articles - All 21 versions

Asymmetric information and the excess volatility of stock prices

[PDF] from nyu.edu
Full text - MIT Libraries
B Eden… - Economic Inquiry, 1994 - Wiley Online Library
Evidence suggests the volatility of stock prices cannot be accounted for by information about
future dividends. We argue that some of the volatility of stock prices in excess of
fundamentals results from fluctuations in the amount of public information over time. Our ...
Cited by 20 - Related articles - Library Search - BL Direct - All 14 versions

A foundation for three popular assumptions in job-matching models

J Dagsvik, B Jovanovic… - Journal of Labor Economics, 1985 - JSTOR
Matching models usually assume an exogenously given distribution of match productivity,
and the act of changing jobs then has the worker taking a new, independent sample from
this distribution. Using a" characteristics" approach to matching two heterogeneous ...
Cited by 19 - Related articles - Get it from MIT Libraries - Library Search - All 8 versions

Liquidity effects in the bond market

[PDF] from vanderbilt.edu
B Jovanovic… - 2001 - nber.org
Our paper reports the following two findings: 1) In monthly data, bond purchases by the Fed
raise bond prices and reduce bond yields. The residual bond-supply to traders is not fully
predictable, and this supply-risk adds between 10 and 40 basis points to the standard ...
Cited by 18 - Related articles - Library Search - BL Direct - All 26 versions

Two technological revolutions

[PDF] from psu.edu
Full text - MIT Libraries
B Jovanovic… - Journal of the European …, 2003 - Wiley Online Library
Abstract The IPOs of the Electricity/Internal Combustion revolution created more lasting
value than the IPOs of the IT revolution. Stock-market data point to two explanations for this.
First, computer prices have been falling much faster than did those of electricity and ...
Cited by 18 - Related articles - BL Direct - All 13 versions

Mismatch versus derived-demand shift as causes of labour mobility

Full text - MIT Libraries
C Bull… - The Review of Economic Studies, 1988 - restud.oxfordjournals.org
Abstract Labour mobility may be caused by shifts in the derived demand for labour on the
part of firms or sectors, or it may be caused by mismatches between workers and their jobs.
Both reasons may be important, and this paper merges them into one model. It explores ...
Cited by 17 - Related articles - All 6 versions

On the return to venture capital

[PDF] from lse.ac.uk
B Jovanovic… - 2007 - nber.org
We provide a model that links the high return to venture equity to the impatience of the VCs.
VCs are scarce, and hence, they have market power and a high return on their investments.
As a result, VCs are eager to terminate non-performing ventures so they can move on to ...
Cited by 16 - Related articles - Library Search - BL Direct - All 32 versions

Research and productivity

[PDF] from nyu.edu
B Jovanovic… - 1995 - nber.org
We model research as a signal on an unknown parameter of a technology. We distinguish
applied from basic research and show that firms in the same industry can optimally choose
different research portfolios, and that basic research can seem to have a higher rate of ...
Cited by 16 - Related articles - BL Direct - All 16 versions

Favorable selection with asymmetric information

[PDF] from oxfordjournals.org
Full text - MIT Libraries
B Jovanovic - The Quarterly Journal of Economics, 1982 - JSTOR
In his well-known" lemons" paper, Akerlof [1970] shows that when sellers know more about
the quality of their product than the buyers do, adverse selection is likely to result. His
argument may be put as follows: Let x be the money-value of the utility that the seller gets ...
Cited by 15 - Related articles - All 6 versions

Creative destruction in industries

[PDF] from nyu.edu
B Jovanovic… - 2006 - nber.org
Most industries go through a" shakeout" phase during which the number of producers in the
industry declines. Industry output generally continues to rise, however, which implies a
reallocation of capacity from exiting firms to incumbents and new entrants. Thus shakeouts ...
Cited by 15 - Related articles - Library Search - BL Direct - All 29 versions

[PDF] Specific capital and the division of rents

[PDF] from nyu.edu
B Jovanovic… - Unpublished paper, New York University, 2003 - econ.nyu.edu
Abstract The NIPA and stock-market data both show that firm owners keep a larger fraction
of output today than they did 75 years ago. We argue that a rising specialization of human
and physical capital has raised the rents in the average match between a firm and its ...
Cited by 15 - Related articles - View as HTML - All 9 versions

The technology cycle and inequality

[PDF] from acrobatplanet.com
Full text - MIT Libraries
B Jovanovic - Review of Economic Studies, 2009 - Wiley Online Library
Motivated by the observed rise in the trade of technology, I analyse how technology would
spread in a frictionless market. In such a world, low-skilled agents prefer to use old
technology because it costs less; their skills do not justify the use of frontier technology. ...
Cited by 14 - Related articles - All 17 versions

[CITATION] Accounting for stock market growth: 1885–1998

B Jovanovic… - Manuscript. New York University, 2000
Cited by 13 - Related articles

Inequality

J Eeckhout… - 1998 - nber.org
In a growth model, rent-grabbing and free riding can give rise to inequality in productivity
and firm size. Inequality among firms affects a firm's incentive to free ride or to grab rents,
and, hence, the incentive to invest in research and training We follow Lucas and Prescott ( ...
Cited by 13 - Related articles - BL Direct - All 4 versions

[CITATION] Wages and turnover: a parametrization of the job-matching model

B Jovanovic - Studies in labor market dynamics, 1984
Cited by 13 - Related articles

Stock-returns and inflation in a principal-agent economy

[PDF] from upi-yptk.ac.id
Full text - MIT Libraries
B Jovanovic… - Journal of economic theory, 1998 - Elsevier
We study a monetary system in which final goods sell on spot markets, while labor and
dividends sell through contracts. Firms and workers confuse absolute and relative price
changes: A positive price-level shock makes sellers think they are producing better goods ...
Cited by 13 - Related articles - Library Search - BL Direct - All 15 versions

[CITATION] Michael Gort's contribution to economics

Full text - MIT Libraries
B Jovanovic - Review of Economic Dynamics, 1998 - econpapers.repec.org
Downloads: (external link) http://dx.doi.org/10.1006/redy.1998.0017 Full text (application/pdf)
Access to full texts is restricted to ScienceDirect subscribers and ScienceDirect institutional
members. See http://www.sciencedirect.com/ for details. ... Related works: This item may ...
Cited by 13 - Related articles - Cached - BL Direct - All 8 versions

Occupational choice and development

[TXT] from upf.edu
J Eeckhout… - Journal of Economic Theory, 2011 - Elsevier
The rise in world trade since 1970 has been accompanied by a rise in the geographic span
of control of management and, hence, also a rise in the effective international mobility of
labor services. We study the effect of such a globalization of the world's labor markets. The ...
Cited by 12 - Related articles - Get it from MIT Libraries - BL Direct - All 27 versions

[CITATION] Solow vs

B Jovanovic… - 1998 - Solow, Working Paper, New York …
Cited by 12 - Related articles

Investment options and the business cycle

[PDF] from nyu.edu
B Jovanovic - 2007 - nber.org
This paper extends Lucas (1978) to a production economy with two capital goods. It is an
RBC model in which each unit of investment requires a new idea, an" option". When options
are scarce, new capital is harder to put in place and the value of old capital rises. Thus the ...
Cited by 13 - Related articles - BL Direct - All 34 versions

[CITATION] Research, Schooling, Training, and Learning by Doing in the Theory of Growth

B Jovanovic - Tokyo meetings of the Econometric Society, 1995
Cited by 11 - Related articles

[BOOK] Growth accounting and externalities

J Benhabib, B Jovanovic… - 1989 - econ.as.nyu.edu
ABSTRACT We reexamine the aggregate data on the growth of output, labor and capital,
within the context of an explicit model that admits the possibility of an externality to the
capital input. We consider three separate sources of evidence. Looking first at the annual ...
Cited by 10 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 6 versions

[CITATION] August 1989

DS Evans… - Estimates of a Model of Entrepreneurial Choice under …
Cited by 9 - Related articles

[CITATION] Growth, and Human Capital's Role as an Investment in Cost Reduction

B Jovanovic, S Lach… - mimeographed, June, 1992
Cited by 9 - Related articles

[PDF] Technology and the stock market: 1885-1998

[PDF] from vanderbilt.edu
B Jovanovic… - Econ. Dept. working paper, NYU, 2000 - vanderbilt.edu
Page 1. TECHNOLOGY AND THE STOCK MARKET: 1885 - 1998 by Boyan Jovanovic and Peter
L. Rousseau Working Paper No. 00-W42 October 2000 ... Page 2. Technology and the Stock Market:
1885-1998 Boyan Jovanovic and Peter L. Rousseau* October 9, 2000 Abstract ...
Cited by 9 - Related articles - View as HTML - All 9 versions

Diffusion Lags and Aggregate Fluctuations. New Name: Product Innovation and the Business Cycle.

B Jovanovic… - 1993 - nber.org
This paper studies how random product innovations affect the time series properties of
aggregates. It posits that recurring inventions of new intermediate goods differ in quality, and
that their usage spreads gradually through the economy. It examines how fluctuations in ...
Cited by 9 - Related articles - Library Search - BL Direct - All 7 versions

[BOOK] Stock markets in the new economy

[PDF] from vanderbilt.edu
B Jovanovic… - 2002 - books.google.com
The term" new economy" has, more than anything, come to mean a technological
transformation, and in particular its embodiment in the computer and on the Internet. These
technologies are more human capital intensive than earlier ones and have probably ...
Cited by 9 - Related articles - Get it from MIT Libraries - All 13 versions

Extensive and intensive investment over the business cycle

[PDF] from boyanjovanovic.com
B Jovanovic… - 2009 - nber.org
Investment of US firms responds asymmetrically to Tobin's Q: investment of established firms—
'intensive'investment—reacts negatively to Q whereas investment of new firms—
'extensive'investment—responds positively and elastically to Q. This asymmetry, we argue ...
Cited by 8 - Related articles - All 18 versions

[CITATION] VA Bayesian Learning Model Fitted to a Variety of Empirical Learning Curves, V Brookings Papers on Economic Activity

B Jovanovic… - Microeconomics, 1995
Cited by 7 - Related articles

[CITATION] Micro uncertainty and aggregate fluctuations

B Jovanovic - New York University, mimeo, 1984
Cited by 7 - Related articles

The product cycle and inequality

[PDF] from repec.org
B Jovanovic - 2004 - nber.org
This paper models the product cycle and explains how it relates to world inequality. In the
model, both phenomena arise because skilled people have a comparative advantage in
making high-tech products. The model can explain up to a 10: 1 income differential ...
Cited by 7 - Related articles - Library Search - BL Direct - All 18 versions

Specific capital and technological variety

[PDF] from nyu.edu
B Jovanovic… - 2008 - nber.org
Growth of technological variety offers more scope for the division of labor. And when a
division of labor requires some specific training, the technological specificity of human
capital grows and, with it, probably the firm specificity of that capital. We build a simple ...
Cited by 7 - Related articles - Library Search - BL Direct - All 13 versions

Accounting for Growth

G Jeremy, J Boyan, RD Edwin - 2001 - ukpmc.ac.uk
Either your web browser doesn't support Javascript or it is currently turned off. In the latter
case, please turn on Javascript support in your web browser and reload this page. ... Find all
citations by this author (default). ... Find all citations by this author (default).
Cited by 6 - Cached

[CITATION] Middlemen in securities markets

B Jovanovic… - 2011 - Working Paper
Cited by 6 - Related articles - Get it from MIT Libraries

Coordination and Spillovers

B Jovanovic - New York University Economic Research Reports, 1991 - econ.nyu.edu
ABSTRACT In a model with positive productive spillovers I estimate the production losses
caused by the agents' inability to match perfectly with one another. When there are positive
spillovers to physical or human capital, when agents differ in their endowments of such ...
Cited by 5 - Related articles - View as HTML - All 6 versions

[CITATION] The Diffusion and Growth of Knowledge

B Jovanovic… - Working Papers, 1986 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
Cited by 5 - Related articles - Cached - Get it from MIT Libraries - Library Search - All 4 versions

[CITATION] Theory of turnover in continuous time

B Jovanovic - University of Chicago, processed, 1977
Cited by 5 - Related articles

When should firms invest in old capital?

[PDF] from boyanjovanovic.com
Full text - MIT Libraries
B Jovanovic - International Journal of Economic Theory, 2009 - Wiley Online Library
The present paper analyzes optimal investment policies when the production function
depends on capital of various vintages. In such an environment it is natural to ask whether
the firm will invest in old-vintage capital at all. Other studies do not tell us when investment ...
Cited by 5 - Related articles - Library Search - BL Direct - All 13 versions

Entry and exit echoes

[PDF] from nyu.edu
Full text - MIT Libraries
B Jovanovic… - Review of Economic Dynamics, 2010 - Elsevier
While aggregate data do not show the investment echoes predicted by vintage-capital
models, echoes arise in rates of entry and exit of firms at the industry level. Moreover,
industries where prices decline rapidly experience early 'shakeouts'. The relation emerges ...
Cited by 6 - Related articles - All 9 versions

 Create email alert



1

2

Next


 

About Google Scholar - All About Google - My Citations

©2012 Google