Euler Equation Errors
收藏NBER2005-09-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w11606
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资源简介：
The standard, representative agent, consumption-based asset pricing theory based on CRRA utility fails to explain the average returns of risky assets. When evaluated on cross- sections of stock returns, the model generates economically large unconditional Euler equation errors. Unlike the equity
提供机构：
美国国家经济研究局
创建时间：
2005-09-01
