| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6617 |
| 来源ID | Working Paper 6617 |
| Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle | |
| George M. Constantinidies; John B. Donaldson; Rajnish Mehra | |
| 发表日期 | 1998-06-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Ongoing questions on the historical mean and standard deviation of the return on equities and bonds and on the equilibrium demand for these securities are addressed in the context of a stationary, overlapping-generations economy in which consumers are subject to a borrowing constraint. The key feature captured by the OLG economy is that the bulk of the future income of the young agents is derived from their wages forthcoming in their middle age, while the bulk of the future income of the middle-aged agents is derived from their savings in equity and bonds. The young would like to borrow and invest in equity, but the borrowing constraint prevents them from doing so. The middle-aged choose to hold a diversified portfolio that includes positive holdings of bonds, and this explains the demand for bonds. Without the borrowing constraint, the young borrow and invest in equity, thereby decreasing the mean equity premium and increasing the rate of interest. |
| URL | https://www.nber.org/papers/w6617 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564128 |
| 推荐引用方式 GB/T 7714 | George M. Constantinidies,John B. Donaldson,Rajnish Mehra. Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6617.pdf（1308KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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