Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence
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The Euler equations of consumption are tested on the household consumption of non-durables and services, reconstructed from the CEX database. The estimated relative risk aversion coefficient of the representative household decreases, and the estimated unexplained mean equity premium decreases, as
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美国国家经济研究局创建时间：
1999-10-01
