This paper explores the role of search and financial frictions in the used capital market. A tractable dynamic general equilibrium model with both frictions is developed to account for procyclicality of reallocation and the price of used capital. Both the aggregate productivity shock and the financial shock can generate procyclical reallocation of used capital. Quantitatively, the financial shock accounts for almost all the variation of used capital reallocation. The aggregate productivity shock is more responsible for the variation of the price of used capital as well as variables outside the used capital market.

中文翻译：

---

资本重新配置：两个摩擦的故事*

本文探讨了搜索和金融摩擦在二手资本市场中的作用。建立了具有两种摩擦力的易处理的动态一般均衡模型，以考虑再分配的顺周期性和二手资本的价格。总生产率冲击和金融冲击都可以产生对二手资本的顺周期再分配。从数量上讲，金融冲击几乎解释了所有已用资本重新分配的变化。总体生产率冲击是造成二手资本价格变化以及二手资本市场之外的变量的主要原因。