A Parsimonious Macroeconomic Model for Asset Pricing
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In this paper, I study asset prices in a two-agent macroeconomic model with two key features: limited participation in the stock market and heterogeneity in the elasticity of intertemporal substitution in consumption (EIS). The model is consistent with some prominent features of asset prices that
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美国国家经济研究局创建时间：
2009-08-01
