| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1910 |
| DP1910 Contentious Contracts | |
| Ulrich Hege; Pascale Viala | |
| 发表日期 | 1998-06-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | In this paper, we derive closed-form solutions for a variety of prices for financial assets in an RBC economy. The equations are based on a loglinear solution of the RBC model and allow a clearer understanding of the determination of risk premia in models with production. E.g., we show that risk premia of long real bonds and equity are negative when technology shocks are permanent. Moreover, the wedge between the equity premium and the long bond premium is small and often negative. The closed-form solutions presented here are applicable to any RBC model that can be approximated in loglinear form. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Analytical solution Asset prices Loglinear approximation Rbc model Risk premia |
| URL | https://cepr.org/publications/dp1910 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531046 |
| 推荐引用方式 GB/T 7714 | Ulrich Hege,Pascale Viala. DP1910 Contentious Contracts. 1998. |
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