By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior
收藏NBER1995-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w4995
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资源简介：
We present a consumption-based model that explains the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. Our model has an i.i.d. consumption growth driving process, and adds a slow-moving
提供机构：
美国国家经济研究局
创建时间：
1995-01-01
