Long-Run Risk Through Consumption Smoothing
نویسندگان
چکیده
منابع مشابه
Measuring Long-Run Consumption Risk
A large body of recent research, beginning with Bansal-Yaron (2004) has hypothesized long-run risk in consumption, in conjunction with Epstein-Zin preferences, as an explanation for the joint behavior of asset prices and economic aggregates. Finding direct evidence of this risk has proved to be challenge. This paper argues that there is strong evidence for productivity growth as a source of lon...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.965702