On the Existence and Representation of Equilibrium in an Economy with Growth and Nonstationary Consumption
In this paper, the author generalizes R. E. Lucas's asset pricing model to allow for nonstationary consumption. He defines the e quilibrium in this setting and demonstrates its existence and represe ntation as a competitive equilibrium. The author believes that these extensions will facilitate the empirical testing of consumption-based , asset-pricing models in the Lucas-Prescott research tradition. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Volume (Year): 29 (1988)
Issue (Month): 1 (February)
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