An Equilibrium Asset Pricing Model with Labor Market Search
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Search frictions in the labor market help explain the equity premium in the financial market. We embed the Diamond-Mortensen-Pissarides search framework into a dynamic stochastic general equilibrium model with recursive preferences. The model produces a sizeable equity premium of 4.54% per annum
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美国国家经济研究局创建时间：
2012-01-01
