Venture Capital and the Macroeconomy
构建了一个风险投资中介模型，定量解释了风险投资活动的核心经验事实，并评估其宏观经济意义。模型考虑了匹配摩擦、风险分担不完美和内生增长，发现风险投资支持的创新对经济的影响远大于其退出估值所显示的。
Abstract I develop a model of venture capital (VC) intermediation that quantitatively explains central empirical facts about VC activity and can evaluate its macroeconomic relevance. The impact of VC-backed innovations is significantly larger than suggested by observed aggregate venture exit valuations, even after accounting for large exposures to systematic and uninsurable idiosyncratic risks. The risk properties of venture capital play a quantitatively important role in both explaining empirical regularities and shaping the value of ventures’ contributions to economic growth. The model is analytically tractable and yields exact solutions, despite the presence of matching frictions, imperfect risk sharing, and endogenous growth. Received January 16, 2018; editorial decision November 7, 2018 by Editor Stijn Van Nieuwerburgh.