Pricing Assets in a Perpetual Youth Model
收藏NBER2018-01-01 更新2025-01-04 收录
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https://www.nber.org/papers/w24261
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资源简介：
This paper constructs a general equilibrium model where asset price fluctuations are caused by random shocks to beliefs about the future price level that reallocate consumption across generations. In this model, asset prices are volatile, and price-earnings ratios are persistent, even though there
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美国国家经济研究局创建时间：
2018-01-01
