Heterogeneous Innovation, Firm Creation and Destruction, and Asset Prices
构建内生企业创建与毁灭的一般均衡模型，区分在位企业的增量创新与进入者的激进创新，研究创造性破坏对资产价格的影响，并用美国1975-2013年专利数据验证模型。
We study the implications of creative destruction on asset prices. We develop a general equilibrium model of endogenous firm creation and destruction in which “incremental” innovation by incumbents and “radical” innovation by entrants drive productivity improvements. Firms’ incentives to innovate generate time-varying economic growth and countercyclical economic uncertainty. The model matches key properties of consumption and asset prices, as well as novel facts on the process of creative destruction in the United States obtained using a sample of patents from 1975–2013. We show that the interplay between incumbents and entrants is an important determinant of risks priced in the financial markets. Received June 2, 2014; accepted September 14, 2015 by Editor Wayne Ferson.