Boyan Jovanovic and Peter L. Rousseau have won the first biennial Robert E. Lucas Jr. Prize presented by The Journal of Political Economy for the best paper in the area of dynamic economics.
The journal honored Jovanovic, of New York University, and Rousseau, of Vanderbilt University, for their 2014 paper on “Extensive and Intensive Investment over the Business Cycle.” Their work analyzes the dynamics of how business creation and investment in existing businesses varies over the business cycle. The award was presented during the annual meeting of the American Economic Association in January 2017.
The journal established the Robert E. Lucas, Jr. Prize in 2016 to celebrate Lucas’ work as an architect of macroeconomics and to honor his receipt of the 2016 Phoenix Prize from the University of Chicago’s Division of Social Sciences. It will be awarded to the most interesting paper published in the journal in the preceding two years.