Lustig, Hanno; Nieuwerburgh, Stijn van; Verdelhan, Adrien - 2008
wealth-consumption ratio implies that the average US household has a lot of wealth, most of it human wealth. A variance …"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor … US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk …