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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 Unpublished papers:

       "Learning from Mistakes" (w/ Sai Ma) Apr 24

      "Organization Capital when Workers are Tested Optimally" Mar 24

      "Product Variety in Young Firms" (w/Peter Rousseau) Apr 23

     "A Borrower-Lender Game with Communication" (w/Xi Xiong) May 24 SLIDES

     "Patent Signaling'' (w/Deepak Hegde & Jin Liu)  Oct 23

        "A Model of Polarization" Apr 22

     "Idea Diffusion and Property Rights" (w/Zhu Wang) Nov 23

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



       "Growth through Learning" (w/Sai Ma)  RED Oct 23  Online appendix

       "Trading on Sunspots" (w/ Viktor Tsyrennikov) AER Dec 22  Online appendix

       "Private Equity and Growth" (w/Sai Ma & Peter Rousseau)  J. Econ. Growth Sep 22

      "Equilibrium Price Dispersion" (w/ Albert Menkveld) JPE Feb 22 

    "Uncertainty and Growth Disasters" (w/Sai Ma) RED  Apr 22

     "Structural Breaks in an Endogenous Growth Model(w/Tim Cogley)  RES Mar 22  Appendix

     "Obsolescence of Capital and Investment Spikes." (w/ Arthur Fishman) AEJ Micro Nov 21 

    "Product Recalls and Firm Reputation."  AEJ Micro Aug 21 On line Appendix

    "Reputation and Earnings Dynamics" (w/Julien Prat)  JET Jan 21

    "The Entrepreneurship Premium" Small Business Econ. Sept 19

     “Extensive and Intensive Investment over the Business Cycle” (w/Rousseau) JPE Aug 14

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

     “Misallocation and Growth”  AER  Apr 2014.  Matlabprog. for Fig. 4.  Zip file with Figs & prgrms Feb 2012 Version with private info.

     “On the Market for Venture Capital.” (w/SzentesJPE  Jun 13

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

     “Optimal Migration: A World Perspective.” (w/Benhabib) IER  Apr 12

     “Occupational Choice and Development.” (w/Eeckhout) JET  Mar 12

     “Investment in Vintage Capital.” (w/Yatsenko) JET  Mar 12

     “Entry and Exit Echoes.” (w/Tse) RED  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/Rousseau) J. Human Capital  Summer 08

     “Mergers as Rellocation.” (w/Rousseau) Rev. Econ. Stat  Nov 08

     "Shakeouts & Market Crashes” (w/Barbarino) IER  May 07

     “General Purpose TechnologiesHndbk of Econ Grwth (Aghion&Durlauf Eds.) 06  Fig 14 data onIPOs   Figs 2, 8 & 12 data

     “Asymmetric CyclesR.E.Stud  Jan 06

     “Interest Rates & the Timing of New Production” (w/Rousseau) Econ. Perspec.  4Q/04

       “Bidder Discounts and Target Premia in Takeovers” (w/Braguinsky) AER  Mar. 04

     “Spillovers & Inequality." (w/Eeckhout) AER  Dec 02

     “The Q-Theory of Mergers” (w/Rousseau) AEA Proc. May 02

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

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

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

     “Liquidity Effects in the Bond Market” (w/Rousseau) Econ. Perspec.   1Q/01


     “Accounting for Growth” (w/Greenwood) NBER CRIW volume 00

     “Optimal Adoption of Complementary Technologies.” (w/Stolyarov) AER  Mar 00

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

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

     “Vintage Capital & Inequality.” RED  May 98

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

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

     “Contracts & Money.” (w/Ueda) JPE Aug 97 

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

     “The Transfer of Human Capital.” (w/Nyarko) JEDC  Jun. 95

      “Empirical Learning Curves...” (w/Nyarko) Brookings Pap. (Micro.) 1. 95

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

     “Asymmetric Information & Excess Volatility...” (w/Eden) Econ Inq  Apr. 94

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

     “The Life Cycle of a Competitive Industry.” (w/MacDonald) JPE  Apr. 94

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

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

     “The Diversification of ProductionBrookings Pap. (Micro.) 1, 93

      “Stock Markets & Development.” (w/Atje) EER  Apr. 93

      “Externalities & Growth Accounting.” (w/Benhabib) AER  Mar. 91

      “Long Waves & Short Waves..” (w/Rob) Econometrica  Nov. 90

      “Financial Development, Growth...” (w/Greenwood) JPE  Oct. 90

      “A Sectoral Model of Labor Mobility.” (w/Moffitt) JPE  Aug. 90

      “Observable Implications of Models with Multiple Equilibria.” Econometrica  Nov. 89  WP version Sept 86

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

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

      “Entrepreneurial Choice & Liquidity Constraints.” (w/Evans) JPE  Aug. 89 -- Appendixwith Lik. Func.

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

      “The Role of Matching & Relative Demand Shocks ...” (w/Bull) R.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/Rob) R. E. Stud  Jan. 87

      “Efficiency of Search under Competition & Monopsony.” (w/Albrecht) JPE  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/Frenkel) Econ. J.  Jun. 81

      “Transactions & Precautionary Demand for Money.” (w/Frenkel) QJE  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 & GrowthAdvances in Economics  97

     “Michael Gort's Contribution to EconomicsRED May  98

     “Economic Growth: Theory” Encyclopedia of the Social Sciences

     “Fitness & AgeJ.Econ. Literature Mar. 01

     “New Technology & the Small FirmSmall BusinessEcon.  Feb. 01

     “Stock Mkt & New Economy” (w/Rousseau) Techn.&New Economy MIT Press 02

     “Two Technological Revolutions” (w/Rousseau) J. Eur. Econ. Assoc. Apr. 03

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

     “The Small EntrepreneurEssays in Honor of William Baumol (w/Rousseau) 06