Consumption, asset markets and macroeconomic fluctuations
A broad exploratory data analysis is conducted to assess the promise of a kind of model in which long-term asset prices change through time primarily due to consumption related changes in the rate of discount. Aggregate consumption data are used to infer ex-post marginal rates of substitution. Prices of stocks, bonds, short debt, land and housing are examined for the period 1890 to 1980, Methods are explored of evaluating this kind of model in the absence of accurate data on consumption.
(This abstract was borrowed from another version of this item.)
Volume (Year): 17 (1982)
Issue (Month): 1 (January)
|Contact details of provider:|| Web page: http://www.elsevier.com/locate/jme|
When requesting a correction, please mention this item's handle: RePEc:eee:crcspp:v:17:y:1982:i::p:203-238. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.