Asset Holding and Consumption Volatility
نویسندگان
چکیده
منابع مشابه
Asset Holding and Consumption Volatility
We investigate the possibility that limited participation in asset markets, and the stock market in particular, might explain the lack of correspondence between the sample moments of the intertemporal marginal rate of substitution and asset returns in U.K. data. We estimate ownership probabilities to separate “likely” shareholders from nonshareholders, enabling us to control for changing compos...
متن کاملNo . 55 Asset Holding and Consumption :
* We thank to the Institute of Household Economy (Kakei-Keizai-Kenkyu-Sho) for providing us micro-level data from the Japanese Panel Survey of Consumption. We also thank to participants at the ESRI seminar. The views expressed in this paper are those of authors' and do not necessarily represent those of the Economic and Social Research Institute or of the Japanese Government. Abstract The 1990s...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2002
ISSN: 0022-3808,1537-534X
DOI: 10.1086/340774