The Wealth-Consumption Ratio
收藏NBER2008-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w13896
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资源简介：
We set up an exponentially affine stochastic discount factor model for bond yields and stock returns in order to estimate the prices of aggregate risk. We use the estimated risk prices to compute the no-arbitrage price of a claim to aggregate consumption. The price-dividend ratio of this claim is
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美国国家经济研究局创建时间：
2008-03-01
