Robust Aggregate Implications of Stochastic Discount Factor Volatility
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https://www.nber.org/papers/w10210
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资源简介：
The stochastic discount factor seems volatile, but is this observation of any consequence for aggregate analysis of consumption, capital accumulation, output, etc.? I amend the standard frictionless model of aggregate consumption and capital accumulation with time-varying subjective probability
提供机构：
美国国家经济研究局
创建时间：
2004-01-01
