| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3993 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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