Aggregation, Liquidity, and Asset Prices with Incomplete Markets
收藏NBER2024-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w32268
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We analytically characterize asset-pricing and consumption behavior in two-account heterogeneous-agent models with aggregate risk. We show that trading frictions can simultaneously explain (1) household-level consumption behavior such as high marginal propensities to consume, (2) a zero-beta rate on
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美国国家经济研究局创建时间：
2024-03-01
