Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
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This paper incorporates a time-varying intensity of disasters in the Rietz-Barro hypothesis that risk premia result from the possibility of rare, large disasters. During a disaster, an asset's fundamental value falls by a time-varying amount. This in turn generates time-varying risk premia and thus
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美国国家经济研究局创建时间：
2008-01-01
