Prices, Consumption, and Dividends Over the Business Cycle: A Tale of Two Regimes
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An economy in which investors know the true model and its parameters and filter the regime probability from aggregate consumption history has been empirically rejected. Hypothesizing that prices partly reflect investors belief about the regime, we infer beliefs from prices. The model fits well the
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美国国家经济研究局创建时间：
2014-11-01
