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Secondary Capital Markets, Long-Run Growth, and the Term Structure of Asset Yields

Bencivenga, Valerie; Smith, Bruce D. - 2008

An endogenous growth model is presented in which production uses a vector of capital inputs. Technologies for creating capital of different types vary by gestation period and productivity. Ownership of gestating capital must be "rolled over" in secondary capital markets in which transactions are...

Persistent link: https://www.econbiz.de/10014147017