| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15340 |
| 来源ID | Working Paper 15340 |
| Technological Growth and Asset Pricing | |
| Nicolae B. Gârleanu; Stavros Panageas; Jianfeng Yu | |
| 发表日期 | 2009-09-10 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In this paper we study the implications of general-purpose technological growth for asset prices. The model features two types of shocks: "small", frequent, and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock. While the former affect the economy on impact, the latter affect the economy with lags, since firms need to first adopt the new technologies through investment. The process of adoption leads to cycles in asset valuations and risk premia as firms convert the growth options associated with the new technologies into assets in place. This process can help provide a unified, investment-based view of some well documented phenomena such as the asset-valuation patterns around major technological innovations, the countercyclical behavior of returns, the lead-lag relationship between the stock market and output, and the increasing patterns of consumption-return correlations over longer horizons. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w15340 |
| 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/573015 |
| 推荐引用方式 GB/T 7714 | Nicolae B. Gârleanu,Stavros Panageas,Jianfeng Yu. Technological Growth and Asset Pricing. 2009. |
| 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 | ||
| w15340.pdf（490KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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