Expectations, shocks, and asset returns
I use the consumer’s budget constraint to derive a relationship between stock market returns, the residuals of the trend relationship among consumption, aggregate wealth, and labour income, cay, and three major sources of risk: future changes in the housing consumption share, cr, future labour incom...
| Main Author: | |
|---|---|
| Format: | workingPaper |
| Language: | eng |
| Published: |
2007
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/1822/7182 |
| Country: | Portugal |
| Oai: | oai:repositorium.sdum.uminho.pt:1822/7182 |