This paper extends the AK production model in Pindyck and Wang (2013) into a more general setting in which the volatility of capital stock is stochastic and driven by shocks. After solving the equilibrium, the fundamental shocks are embedded into the stock price and the leverage effect is contributed from three distinct channels. As an application, we employ our extended AK production model to match well the negative variance risk premium.

中文翻译：

---

时变不确定性和方差风险溢价

本文将 Pindyck 和 Wang (2013) 中的 AK 生产模型扩展到一个更一般的环境中，其中资本存量的波动是随机的并受冲击驱动。解决均衡后，基本面冲击嵌入到股价中，杠杆效应来自三个不同的渠道。作为一个应用，我们使用我们扩展的 AK 生产模型来很好地匹配负方差风险溢价。