This paper estimates and tests several versions of the consumption-based asset pricing model extended to allow for time-nonseparable preferences and/or liquidity constraint proxies, using Canadian aggregate data. It is found that a habit-persistence effect uncovered in the time-nonseparable...

We examine the theoretical, empirical, and public policy implications of the proportion of females in the establishment. Arrow's model of heterogeneous employer discrimination provides predictions that are tested. Empirical results indicate support for the theory using establishment data, but a...

Using Canadian data, the consumption-based asset pricing model is studied, defined in terms of nondurable and durable goods consumption. A two-stage estimation procedure is used, which takes account of the presence of common stochastic trends in the forcing processes. This method yields more...