Rare Disasters, Asset Prices, and Welfare Costs
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A representative-consumer model with Epstein-Zin-Weil preferences and i.i.d. shocks, including rare disasters, accords with key asset-pricing observations. If the coefficient of relative risk aversion equals 3-4, the model accords with observed equity premia and risk-free real interest rates. If the
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美国国家经济研究局创建时间：
2007-12-01
