| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9364 |
| 来源ID | Working Paper 9364 |
| Asset Prices and Business Cycles with Costly External Finance | |
| Joao Gomes; Amir Yaron; Lu Zhang | |
| 发表日期 | 2002-12-09 |
| 出版年 | 2002 |
| 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. However, we also show that these results require a procyclical financing premium, a property that seems at odds with the data. |
| URL | https://www.nber.org/papers/w9364 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566983 |
| 推荐引用方式 GB/T 7714 | Joao Gomes,Amir Yaron,Lu Zhang. Asset Prices and Business Cycles with Costly External Finance. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9364.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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