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Stock Market Boom and the Productivity Gains of the 1990s / Urban Jermann, Vincenzo Quadrini.
- Format:
- Book
- Author/Creator:
- Jermann, Urban.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9034.
- NBER working paper series no. w9034
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- Together with a sense of entering a New Economy, the US experienced in the second half of the 1990s an economic expansion, a stock market boom, a financing boom for new firms and productivity gains. In this paper, we propose an interpretation of these events within a general equilibrium model with financial frictions and decreasing returns to scale in production. We show that the mere prospect of high future productivity growth can generate sizable gains in current productivity, as well as the other above mentioned events.
- Notes:
- Print version record
- June 2002.
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