Stock market boom and the productivity gains of the 1990s

• 成果类型: Article
• 署名作者: Jermann, Urban J.; Quadrini, Vincenzo
• 署名单位: University of Southern California; University of Pennsylvania; National Bureau of Economic Research; University of Southern California
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.10.021
• 发表日期: 2007
• 页码: 413-432
• 关键词: new economy; financial frictions; optimal contracts; firm-size distribution; labor productivity

摘要

Together with a sense of entering a New Economy, the U.S. experienced in the second half of the 1990s an economic expansion, a stock market boom, a financing boom for new firms and productivity gains. This article proposes an interpretation of these events within a general equilibrium model with financial frictions and decreasing returns to scale in production. We show that the mere prospect of high future productivity growth can generate sizable gains in current productivity, as well as the other above mentioned events. (c) 2006 Published by Elsevier B.V.