Investment Shocks and Asset Prices
研究了改善实际投资机会的冲击如何影响资产价格和宏观经济动态，发现投资冲击对不同企业产生异质性影响，并匹配了宏观经济和资产价格的关键特征。
I explore the implications for asset prices and macroeconomic dynamics of shocks that improve real investment opportunities and thus affect the representative household's marginal utility. These investment shocks generate differences in risk premia due to their heterogeneous impact on firms: they benefit firms producing investment relative to firms producing consumption goods and increase the value of growth opportunities relative to the value of existing assets. Using data on asset returns, I find that a positive investment shock leads to high marginal utility states. A general equilibrium model with investment shocks matches key features of macroeconomic quantities and asset prices.