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作者：Matsusaka, John G.
作者单位：University of Southern California
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作者：Jaimovich, Nir; Rebelo, Sergio
作者单位：Stanford University; Northwestern University
摘要：Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a untied model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment-specific technical change. The model...
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作者：Pastor, Lubos; Veronesi, Pietro
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We develop a general equilibrium model in which stock prices of innovative firms exhibit bubbles during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting bubbles in stock prices are observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncerta...
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作者：Agarwal, Nikhil; Athey, Susan; Yang, David
作者单位：Harvard University
