Explaining the Poor Performance of Consumption-Based Asset Pricing Models
收藏NBER1999-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w7237
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资源简介：
The poor performance of consumption-based asset pricing models relative to traditional portfolio-based asset pricing models is one of the great disappointments of the empirical asset pricing literature. We show that the external habit-formation model economy of Campbell and Cochrane (1999) can
提供机构：
美国国家经济研究局
创建时间：
1999-07-01
