Innovation,Growth,andAssetPrices_金融投资_经管.pdfVIP

THE JOURNAL OF FINANCE • VOL. LXX, NO. 3 • JUNE 2015 Innovation, Growth, and Asset Prices HOWARD KUNG and LUKAS SCHMID∗ ABSTRACT We examine the asset pricing implications of a production economy whose long-term growth prospects are endogenously determined by innovation and RD. In equilib- rium, RD endogenously drives a small, persistent component in productivity that generates long-run uncertainty about economic growth. With recursive preferences, households fear tha