| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5096 |
| 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 |
| URL | https://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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