consumption and income. Individual forecasters are in fact pessimistic, but show marked overconfidence rather than doubt. Whether …

increase in investor participation; improved risk management practices; an increase in interest rates; and a reduction in the … risk premium. -- Endogenous Participation ; Epstein-Zin Utility ; Financial Innovation ; Incomplete Markets ; Multiple Risk … Factors ; Risk Premium ; Spanning …

application to the income-consumption relationship, using monthly US time series. Evidence is found to support the claim that the … series ; business cycles ; conditional distribution ; consumption-income relationship ; copula ; multivariate time …

(and possibly uncertain) income paths, hold a risk-free asset, and face a liquidity constraint. I first show that the … when income is constant. This additional capital accumulation has sometimes been interpreted as precautionary savings, but … I demonstrate that it is mostly generated by permanent-income motives. -- equilibrium interest rate ; aggregate savings …