Learning from Stock Prices and Economic Growth
将竞争性股票市场嵌入新古典增长经济，研究信息获取、股价部分揭示、资本配置与收入之间的相互作用，发现股市通过提高全要素生产率促进经济增长，但校准显示对收入影响温和。
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation, and income. The stock market allows investors to share their costly private signals in a cost-effective incentive-compatible way. It contributes to economic growth by raising total factor productivity (TFP). A calibration indicates the effect on TFP to be large but that on income to be modest. Several predictions on the evolution of real and financial variables are derived. Finally, the growth impact of two common forms of investor irrationality, overconfidence and inattention, are analyzed.