Browsing Department of Economics by Author "Jovanovic, Boyan"

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    • Extensive and Intensive Investment Over the Business Cycle 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2009)
      Investment of U.S. 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 ...
    • Liquidity Effects and the New Economy 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      U.S. Treasury securities are nominal assets that are subject to two sources of risk: inflation risk, and bond-supply risk. Inflation risk is well-known, but supply risk has received little attention. For reasons we shall ...
    • Mergers and Technological Change: 1885-1998 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      We analyze mergers over the past century in a growth model that emphasizes technological change. We explain the positive relation between mergers and stock prices, the positive relation between internal growth of firms and ...
    • Stock Markets in the New Economy 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      The term "new economy" has, more than anything, come to mean a technological transformation, and in particular its embodiment in the computer and the internet. These technologies are more human capital intensive than earlier ...
    • Technology and the Stock Market: 1885-1998 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2000)
      Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find Measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the ...