Boyan Jovanovic and Peter L. Rousseau
|Abstract:||We model merger waves as reallocation waves, and argue that mergers spread new technology in a way that is similar to that of entry and exit of firms. We focus on two periods: 1890-1930 during which electricity and the internal combustion engine spread through the U.S. economy, and 1971-2001—the Information Age.|
|Appears in Collections:||Macro Finance|
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