individual income data and assume that agents have to consume their endowment. I find that the model does not pass the Hansen and … Jagannathan test even for very volatile idiosyncratic income data. …

investigate the empirical relation between three cointegrated variables: aggregate consumption, asset wealth, and labor income … the following structural question about the short-run dynamics: "How quickly does consumption adjust to changes in income … in income or wealth have been realized. We argue here, however, that a statistical methodology different from that used …

minimal net income payments made by the United States on these liabilities. We show that the stability of the external … be reversed in the future. We also show that while minimal U.S. net income payments reflect a much higher measured rate … overwhelm this favorable rate of return, pushing the U.S. net income balance more deeply into deficit. ; In addition, we review …

one that produces a deviation from its shared trend with consumption and labor income. Using U.S. quarterly stock market … labor income. The framework implies that these variables are cointegrated, and that deviations from this shared trend …