Essays in Financial Economics
<p>In my dissertation, I study the link between economic growth and asset prices in stochastic endogenous growth models. In these settings, long-term growth prospects are endogenously determined by innovation and R\&D. In equilibrium, R\&D endogenously drives a small, persistent compo...
| Main Author: | |
|---|---|
| Other Authors: | |
| Published: |
2012
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10161/5503 |
| Summary: | <p>In my dissertation, I study the link between economic growth and asset prices in stochastic endogenous growth models. In these settings, long-term growth prospects are endogenously determined by innovation and R\&D. In equilibrium, R\&D endogenously drives a small, persistent component in productivity which generates long-run uncertainty about economic growth. With recursive preferences, this growth propagation mechanism helps reconcile a broad spectrum of equity and bond market facts jointly with macroeconomic fluctuations.</p> === Dissertation |
|---|