The last 15 years has brought forth an explosion of research on consumption-based asset pricing as a leading contender … for explaining aggregate stock market behavior. This research has propelled further interest in consumption-based asset … consumption-based asset pricing theories using formal estimation, hypothesis testing, and model comparison. In addition to …

fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation …. Across countries however, the association is reversed: relative consumption and real exchange rates are negatively correlated …

We show that volatility movements have first-order implications for consumption dynamics and asset prices. Volatility …

and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but … uncertainty over future temperature change and its impact? I address these questions by estimating the fraction of consumption …

, there is considerable evidence in the data of time-varying expected consumption growth and volatility, (ii) The LRR model … matches the key asset markets data features, (iii) In the data and in the LRR model accordingly, past consumption growth does … not predict future asset prices, whereas lagged consumption in the habit model forecasts future price-dividend ratios with …

productivity, to study the efficient degree of consumption inequality in the long run. In our environment a utilitarian planner … allows for consumption inequality even when labor productivity is public information. We show that adding private information …

We propose an empirical implementation of the consumption-investment problem using the martingale representation … and probabilities, which generate variation in consumption, and the consumption smoothing induced by risk aversion. Using … options-implied information, we find quantitatively different optimal consumption and portfolio policies than those implied by …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which … the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and … proxy for utility with measures of subjective well-being. We find robust evidence that the marginal utility of consumption …