Secondary Capital Markets, Long‐Run Growth, and the Term Structure of Asset Yields
构建了一个内生增长模型，其中生产使用多种资本投入，不同资本的创造技术具有不同的孕育期和生产率。研究二级市场交易成本降低如何影响均衡增长率、储蓄回报率、二级市场活动规模以及资产收益的期限结构。
An endogenous growth model is presented in which production uses a vector of capital inputs. Technologies for creating capital of different types vary by gestation period and productivity. Ownership of gestating capital must be “rolled over” in secondary capital markets in which transactions are costly. We study how reductions in transactions costs affect the equilibrium growth rate, the rate of return on saving, the volume of activity in secondary capital markets, and the term structure of asset yields. We give conditions under which reductions in transactions costs result in higher or lower growth rates.