Mean Reversion and Consumption Smoothing
收藏NBER1989-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w2946
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资源简介：
Using a simple conventional model with additive separable utility and constant elasticity, we can explain mean reversion and consumption smoothing. The model uses the price of risk and wealth as state variables, but has only one stochastic variable. The price of risk rises temporarily as wealth
提供机构：
美国国家经济研究局创建时间：
1989-04-01
