G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3993
DP3993 Does Education Raise Productivity or Just Reflect It?
Ian Walker; Colm Harmon; Arnaud Chevalier; Yu Zhu
发表日期2003-07-23
出版年2003
语种英语
摘要This Paper asks whether the asset pricing fluctuations induced by the presence of costly external finance are empirically plausible. To accomplish this, we incorporate costly external finance into a dynamic stochastic general equilibrium model and explore its implications for the properties of the returns on key financial assets, such as stocks, bonds and risky loans. We find that the mean and volatility of the equity premium, although small, are significantly higher than those in comparable adjustment cost models. We also show that these results require a procyclical-financing premium, however, a property that seems at odds with the data.
主题Financial Economics ; International Macroeconomics
关键词Financial accelerator Business cycles Asset prices
URLhttps://cepr.org/publications/dp3993
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532970
推荐引用方式
GB/T 7714
Ian Walker,Colm Harmon,Arnaud Chevalier,et al. DP3993 Does Education Raise Productivity or Just Reflect It?. 2003.
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