asymptotically stable random fixed point. The statistical properties of the aggregates output, consumption, capital stock, and real …

direction of over-consumption. This over-consumption is partly driven by loss avoidance, comparable to a real life situation in …

Temporary fluctuations of the U.S. consumption-wealth ratio, cay, predict excess returns on international stock markets …

In spite of two decades of financial globalization, consumption-based indicators do not seem to signal more … international risk sharing. We argue that consumption risk sharing among industrialised countries has actually increased - in … particular since the 1990s - but that standard consumption-based measures of risk sharing - such as the volatility of consumption …

Idiosyncratic consumption risk explains more than 60 percent of the cross-sectional variation in quarterly exchange … international version of the consumption capital asset pricing model (CCAPM) in which we account for international consumption … heterogeneity. We use this framework to dissect the consumption-exchange rate anomaly, the empirical fact that international …

consumption) was partly responsible for the decline in household savings and in growth that could be observed in some developed …