Equity Premia with Benchmark Levels of Consumption: Closed-Form Results
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I calculate exact expressions for risk premia, term premia, and the premium on levered equity in a framework that includes habit formation, keeping/catching up with the Joneses, and possible departures from rational expectations. Closed-form expressions for the first and second moments of returns
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美国国家经济研究局创建时间：
2006-06-01
