The IT Revolution and the Stock Market
AbstractTechnological progress comes in waves. The birth of information technology (IT) may herald the start of a Third Industrial Revolution. This paper argues that (a) the market declined in the late 1960s because it felt that the old technologies either had lost their momentum or would give way to IT, and that (b) IT innovators boosted the stock market's value only in the 1980s.
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Bibliographic InfoPaper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 460.
Length: 15 pages
Date of creation: 1999
Date of revision:
Contact details of provider:
Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.
STOCK MARKET ; INFORMATION ; TECHNOLOGY;
Other versions of this item:
- Greenwood, J. & Jovanovic, B., 1999. "The IT Revolution and the Stock Market," Working Papers, C.V. Starr Center for Applied Economics, New York University 99-02, C.V. Starr Center for Applied Economics, New York University.
- Jeremy Greenwood & Boyan Jovanovic, 1999. "The IT Revolution and the Stock Market," NBER Working Papers 6931, National Bureau of Economic Research, Inc.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-04-26 (All new papers)
- NEP-FMK-2000-04-26 (Financial Markets)
- NEP-HIS-2000-04-26 (Business, Economic & Financial History)
- NEP-IND-2000-04-26 (Industrial Organization)
- NEP-INO-2000-04-26 (Innovation)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Kortum, Samuel & Lerner, Josh, 1999. "What is behind the recent surge in patenting?1," Research Policy, Elsevier, Elsevier, vol. 28(1), pages 1-22, January.
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