CAJ | 학술논문

本文对基于有调整成本的生产过程的资产定价模型进行了评述。主要分两类模型：一类是对应于Breeden—Lucas基于消费的资产定价模型的完全基于生产的资产定价模型；另一类是将消费者风险规避的偏好与有调整成本的生产函数结合到一起的一般均衡模型，并用真实经济周期数据来进行检验。
본문대기우유조정성본적생산과정적자산정개모형진행료평술。주요분량류모형：일류시대응우Breeden—Lucas기우소비적자산정개모형적완전기우생산적자산정개모형；령일류시장소비자풍험규피적편호여유조정성본적생산함수결합도일기적일반균형모형，병용진실경제주기수거래진행검험。
This paper reviews the asset pricing models based on production with adjustment cost. There are mainly two kinds of models. The first is purely production based, as a counterpart to the Breeden - Lucas models based purely on consumption. The second kind of models combine the risk - averse preference of the consumers and the production based on adjustment cost, hence are real general equilibrium models, which are tested using real business cycle mod- els.