Boyan Jovanovic and Peter L. Rousseau
30 Pages Posted: 12 Nov 2008
Date Written: February 2003
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.
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