Heterogeneous Beliefs, Asset Prices, and Business Cycles
收藏NBER2025-04-01 更新2025-04-19 收录
下载链接：
https://www.nber.org/papers/w33672
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资源简介：
This paper develops a complete-market production economy with heterogeneous beliefs about TFP growth. Hiring occurs before TFP is known and is, therefore, risky (operational leverage). The firm's discount factor depends on a wealth-weighted average of investors' beliefs. Waves of optimism influence
提供机构：
美国国家经济研究局
创建时间：
2025-04-01
