By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior
收藏数据链接：
官方服务：
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
