Variety expansion, preference shocks, and financial intermediaries
Variety expansion, preference shocks, and financial intermediaries
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品种扩张、偏好冲击和金融中介
DOI：
10.1007/s10436-015-0270-4
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发表时间：
2016
影响因子：
1
通讯作者：
Kouki SUGAWARA
中科院分区：
文献类型：
--
作者：
Hiroaki OHNO;Kouki SUGAWARA
我们通过将偏好冲击纳入品种扩张模型并比较金融自给和金融中介来研究终身不确定性对经济增长的影响。在这种经济中，长期投资有助于促进研发投资和创造新的差异化产品。我们的研究结果表明，当风险厌恶程度较高时，差异化商品数量的增加通过降低价格指数来减缓研发投资。此外，如果早期退出风险和长期投资的清算成本较高，金融中介机构对品种生长的影响显著。
We investigate the effect of lifetime uncertainty on economic growth by incorporating preference shocks into a variety-expansion model and comparing financial autarky and financial intermediaries. In this economy, long-term investment facilitates the promotion of R&D investment and the creation of new differentiated goods. Our results suggest that when risk aversion is high, an increase in number of differentiated goods slows down R&D investment through a decrease in the price index. Further, if the risk of early withdrawal and the liquidation cost of long-term investment are high, financial intermediaries have significant effects on the growth of variety.