Learning and Asset-Price Jumps
收藏NBER2009-03-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w14814
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资源简介：
We develop a general equilibrium model in which income and dividends are smooth, but asset prices are subject to large moves (jumps). A prominent feature of the model is that the optimal decision of investors to learn the unobserved state triggers large asset-price jumps. We show that the learning
提供机构：
美国国家经济研究局
创建时间：
2009-03-01
