Panageas, Stavros; Gârleanu, Nicolae B.; Yu, Jianfeng - National Bureau of Economic Research (NBER) - 2009
In this paper we study the implications of general-purpose technological growth for asset prices. The model features two types of shocks: "small", frequent, and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock....
