G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5096
DP5096 Market Definition in the Printed Media Industry: Theory and Practice
Marc Ivaldi; Elena Argentesi
发表日期2005-06-23
出版年2005
语种英语
摘要Consumption is striking back. Some recent evidence indicates that the well-known asset pricing puzzles generated by the difficulties of matching fluctuations in asset prices with high frequency fluctuations in consumption might be solved by considering consumption in the long-run. A first strand of the literature concentrates on multiperiod differences in log consumption, a second concentrates on the cointegrating relation for consumption. Interestingly, only the (multiperiod) Euler Equation for the consumer optimization problem is considered by the first strand of the literature, while the cointegration-based literature concentrates exclusively on the (linearized) intertemporal budget constraint. In this paper, we show that using the first order condition in the linearized budget constraint to derive an explicit long-run consumption function delivers an even more striking strike back.
主题International Macroeconomics
关键词Cointegrating consumption function Long-run stock market returns Elasticity of intertemporal substitution
URLhttps://cepr.org/publications/dp5096
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/533987
推荐引用方式
GB/T 7714
Marc Ivaldi,Elena Argentesi. DP5096 Market Definition in the Printed Media Industry: Theory and Practice. 2005.
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