Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing
收藏NBER1993-01-01 更新2025-01-04 收录
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https://www.nber.org/papers/w4249
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We examine asset prices and consumption patterns in a model in which agents face both aggregate and idiosyncratic income shocks, and insurance markets are incomplete. Agents reduce consumption variability by trading in a stock and bond market to offset idiosyncratic shocks, but transactions costs in
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美国国家经济研究局创建时间：
1993-01-01
