“No One Can Borrow” – Reassessing the “Junior Can’t Borrow” Equity-Premium Puzzle Resolution
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Junior Cant Borrow, Constantinides, Donaldson, and Mehras (CDM) three-period exchange model, eliminates borrowing by the young, and, consequently, all generations to resolve the equity premium puzzle. This paper examines CDMs resolution in an 80-period, OLG model with capital, fiscal policy, macro
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美国国家经济研究局创建时间：
2025-10-01
