In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis
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We develop a framework to theoretically and empirically analyze the fluctuations of the aggregate stock market. Households allocate capital to institutions, which are fairly constrained, for example operating with a mandate to maintain a fixed equity share or with moderate scope for variation in
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美国国家经济研究局创建时间：
2021-06-01
