期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2007
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper extends a Real Business Cycle model to an economy
in which monopolistic competitive firms¡¯ technology is subject to idiosyncratic
and common shocks. The value of future technology rents drive stock market
valuation. We study how the arrival of new information about future technological
developments affect each firm¡¯s stream of future profit, the rate on return on
physical capital, and the value of equity. We show that good news about future
technology of a specific firm or industry will lift the price of shares of the specific
firms, but that good news about future aggregate productivity will raise the discount
rate, leaving the price of shares unchanged. On the other hand, good news
about future aggregate profit margins will lift the price of shares.
关键词：Equity, Heterogeneous (non-representative) firms, Monopolistic
Competition, Real Business Cycle (RBC), Stock Market.
