Boyan Jovanovic

Professor of Economics, NYU


Department of Economics
19 w. 4th St.
New York, NY 10012

(212) 998-8953
(212) 995-4186 fax


 Unpublished papers:

    "Obsolescence of Capital and Investment Spikes" (w/Arthur Fishman) Oct 2018

     "Learning from Others:  The Aggregate Dynamics  May 2018 

     "Structural Breaks in an Endogenous Growth Model (w/Tim Cogley) April 18


     "The Macroeconomics of Private Equity (w/Peter Rousseau) April 18

     "Reputation Cycles" (w/Prat) Apr 16

     "Growth throughLearning."   Dec 15 

     "Trading on Sunspots" (w/Tsyrennikov) Dec 14

     "Dispersion and Skewness in Bid Prices" (w/Menkveld)  Nov 15

     "GPTs and Polarization Slides"   Jan 15  

     "Middlemen in Limit-Order Markets" (w/Menkveld)  Jan 15

     "Learning and Discovery" slides

     "Reputation in an RBC model" (w/Prat) slides


     “Extensive and Intensive Investment over the Business Cycle” (w/RousseauJPE Aug 14

     “Dynamic Contracts when Agent's Quality is Unknown”  (w/PratTE  Sep. 14  NBER  w16649Dec  10 

     “Misallocation and Growth”  AER  Apr 2014.  Matlab prog. for Fig. 4  Version with private info.

     “On the Market for Venture Capital.” (w/Szentes)  JPE  Jun 13

     “Bubbles in Prices of Exhaustible Resources.”  IER Feb 13    NBER w13320 Aug 07 

     “Optimal Migration: A World Perspective.” (w/BenhabibIER  Apr 12

     “Occupational Choice and Development.” (w/EeckhoutJET  Mar 12

     “Investment in Vintage Capital.” (w/YatsenkoJET  Mar 12

     “Entry and Exit Echoes.” (w/TseRED  Jul 10 

     “Investment Options and the Business Cycle.” JET Nov 09   Longer NBER w13307  

     “The Technology Cycle and Inequality.” R.E.Stud  Apr 09

     “When Should Firms Invest in Old Capital?” Int.JET  Mar 09 

     “Specific Capital & Technol. Variety.” (w/RousseauJ. Human Capital  Summer 08

     “Mergers as Rellocation.” (w/RousseauRev. Econ. Stat  Nov 08

     "Shakeouts & Market Crashes” (w/BarbarinoIER  May 07

     “General Purpose Technologies” Hndbk of Econ Grwth (Aghion&Durlauf Eds.) 06  Fig 14 data on IPOs

     “Asymmetric Cycles” R.E.Stud  Jan 06

     “Interest Rates & the Timing of New Production” (w/RousseauEcon. Perspec.  4Q/04
     “Bidder Discounts and Target Premia in Takeovers” (w/BraguinskyAER  Mar. 04

     “Spillovers & Inequality." (w/EeckhoutAER  Dec 02

     “The Q-Theory of Mergers” (w/RousseauAEA Proc. May 02

     “Moore's Law & Learning by Doing.” (w/RousseauRED  May 02

     “IT Revolution & the Stock Mkt: Evidence.” (w/HobijnAER  Dec 01

     “Why Wait? A Century of Life Before IPO” (w/RousseauAEA Proc. May 01 NBER w8081 and DATA

     “Liquidity Effects in the Bond Market” (w/RousseauEcon. Perspec.   1Q/01
     “Accounting for Growth” (w/GreenwoodNBER CRIW volume 00

     “Optimal Adoption of Complementary Technologies.” (w/StolyarovAER  Mar 00

     “The IT Revolution & the Stock Market” (w/GreenwoodAEA Proc. May 99

     “Stock-Returns & Inflation in a Principal-Agent Economy.” (w/UedaJET  Sep 98

     “Vintage Capital & Inequality.” RED  May 98

     “Inequality & Stability.” (w/Barbosa & SpiegelAnn. d'Econ. & Stat  Oct 97

     "Stepping-Stone Mobility." (w/Nyarko) CR Conf Public Policy  97

     “Contracts & Money.” (w/UedaJPE Aug 97 

     “Learning by Doing & the Choice of Technology.” (w/NyarkoEconometrica  Nov. 96

     “The Transfer of Human Capital.” (w/NyarkoJEDC  Jun. 95
     “Empirical Learning Curves...” (w/NyarkoBrookings Pap. (Micro.) 1. 95

     “Competitive Diffusion.” (w/MacDonaldJPE  Feb. 94   WP 1990 with Existence and Uniqueness Proof 

     “Asymmetric Information & Excess Volatility...” (w/EdenEcon Inq  Apr. 94

     "Firm Formation with Heterogeneous...Skills." Small Business  Econ. 94

     “The Life Cycle of a Competitive Industry.” (w/MacDonaldJPE  Apr. 94

     “Was the Great Depression a Low-Level Equilibrium?” (w/DagsvikEER  Dec. 94

      “Product Innovation & the Business Cycle.” (w/LachIER  Feb. 97  NBER w4455 Sep. 93

     “The Diversification of Production” Brookings Pap. (Micro.) 1, 93

      “Stock Markets & Development.” (w/AtjeEER  Apr. 93

      “Externalities & Growth Accounting.” (w/BenhabibAER  Mar. 91

      “Long Waves & Short Waves...” (w/RobEconometrica  Nov. 90

      “Financial Development, Growth...” (w/GreenwoodJPE  Oct. 90

      “A Sectoral Model of Labor Mobility.” (w/MoffittJPE  Aug. 90

      “Observ. Impl. of Models with Multiple Equilibria.” Econometrica  Nov. 89  WP version Sept 86

      “The Growth & Diffusion of Knowledge.” (w/RobR.E. Stud  Oct. 89

      “Entry, Exit, & Diffusion with Learning by Doing.” (w/LachAER  Sep. 89

      “Entrepreneurial Choice & Liquidity Constraints.” (w/EvansJPE  Aug. 89 -- Appendix with Lik. Func.

      “Anonymous Sequential Games.” (w/Rosenthal) J. Math Econ  88

      “The Role of Matching & Relative Demand Shocks ...” (w/BullR.E. Stud  Jan. 88

      “Micro Shocks & Aggregate Risk.” QJE  May 87   earlier versions: WP 85 and  WP 83   

      Work, Rest, & Search.” J. Lab. Econ  Apr. 87

      “Demand-Driven Innovation.” (w/RobR. E. Stud  Jan. 87

      “Efficiency of Search under Competition & Monopsony.” (w/AlbrechtJPE  Dec. 86

      “Assumptions in Matching Models.” (w/Dagsvik & Shepard) J. Lab. Econ.  Oct. 85

      “Matching, Turnover, & Unemployment.” JPE  Feb. 84

      “Favorable Selection with Asymmetric Information.” QJE  Aug. 84

      “Truthful Disclosure of Information.” Bell J.  Spr. 82

      “Inflation &Welfare in the Steady State.” JPE  Jun. 82

      “Selection & Evolution of Industry.” Econometrica  May 82

      “Entry with Private Information.” Bell J.  Fall 81

      “Optimal International Reserves.” (w/FrenkelEcon. J.  Jun. 81

      “Transactions & Precautionary Demand for Money.” (w/FrenkelQJE  Aug. 80

      “Labor Mobility & Wages” in Studies in Labor Mkts, (w/Mincer), 80

      “Firm-Specific Capital & Turnover.” JPE  Dec. 79

      “Job-Matching & the Theory of Turnover.” JPE  Oct. 79 (Suppl.) 

                   Godfrey Keller's comment and my rejoinder 

Reviews, overviews, discussions, etc.:

     “Learning & Growth” Advances in Economics  97

     “Michael Gort's Contribution to Economics” RED May  98

     “Economic Growth: Theory” Encyclopedia of the Social Sciences

     “Fitness & Age” J.Econ. Literature Mar. 01

     “New Technology & the Small Firm” Small BusinessEcon.  Feb. 01

     “Stock Mkt & New Economy” (w/RousseauTechn.&New Economy MIT Press 02

     “Two Technological Revolutions” (w/RousseauJ. Eur. Econ. Assoc. Apr. 03

     “On Bradford De Long’s ‘Productivity in the 2000’s” NBER Macro Annual 02

     “The Small Entrepreneur” Essays in Honor of William Baumol (w/Rousseau) 06