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Benhabib, Jess; Jovanovic, Boyan - 2021

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 model. Unlike Romer, however, we...

Persistent link: https://www.econbiz.de/10013212362

Occupational Choice and Development

Eeckhout, Jan - 2014

The rise in world trade since 1970 has raised international mobility of labor services. We study the effect of such a … globalization of the world's labor markets. We find that when people can choose between wage work and managerial work, the output … theory also establishes that after economic integration, the high skill countries see a disproportionate increase in …

Persistent link: https://www.econbiz.de/10012751700

Uncertainty and Growth Disasters

Jovanovic, Boyan; Ma, Sai - 2022

This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is associated with a sharp decline in the lower tail of...

Persistent link: https://www.econbiz.de/10014091106

Shakeouts and Market Crashes

Barbarino, Alessandro Teresio - 2005

Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining...

Persistent link: https://www.econbiz.de/10012785164

The Diffusion of Technology and Inequality Among Nations

Jovanovic, Boyan; Lach, Saul - 2021

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 most intermediate goods...

Persistent link: https://www.econbiz.de/10013212902

Accounting for Growth

Greenwood, Jeremy; Jovanovic, Boyan - 2021

A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts: 1. Since the early 1970's there has been a slump in the advance of productivity. 2. The price of new equipment has fallen steadily over the postwar period....

Persistent link: https://www.econbiz.de/10013244738

On the Return to Venture Capital

Jovanovic, Boyan - 2014

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 new ones. The scarcity of...

Persistent link: https://www.econbiz.de/10012752010