Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle
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Ongoing questions on the historical mean and standard deviation of the return on equities and bonds and on the equilibrium demand for these securities are addressed in the context of a stationary, overlapping-generations economy in which consumers are subject to a borrowing constraint. The key
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美国国家经济研究局创建时间：
1998-06-01
