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Product Innovation, Stock Price, and Business Cycle

開催場所:
東京大学大学院経済学研究科棟 3階 第3教室

報告者:
陣内 了 氏
Princeton University

要約:
This paper studies the interaction between product innovation, stock price, and aggregate output. Motivated by recent empirical studies, I propose an endogenous variety business cycle model in which existing firm's expertise is essential for innovation of new products. In the model, the firm value reflects not only the product the firm is manufacturing today but also the firm's ability to introduce new products in the future. I study how the model responds to various shocks, with special attention to the lead and lag structure between the stock price and output. The stock price leads GDP, which is a well known empirical regularity that most standard models have difficulty generating.

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