Borrowing Costs and the Demand for Equity Over the Life Cycle
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We analyze consumption and portfolio behavior in a life-cycle model with realistic borrowing costs and income processes. We show that even a small wedge between borrowing costs and the risk-free return dramatically shrinks the demand for equity. When the cost of borrowing equals or exceeds the
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美国国家经济研究局创建时间：
2002-11-01
