Consumption Smoothing and Portfolio Rebalancing: The Effects of Adjustment Costs
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This paper studies the dynamics of portfolio rebalancing and consumption smoothing in the presence of non-convex portfolio adjustment costs. The goal is to understand a household's response to income and return shocks. The model includes the choice of two assets: one riskless without adjustment
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美国国家经济研究局创建时间：
2011-04-01
