controlling for an important and recently introduced non-financial predictor, the generalized consumption/wealth ratio, which … of the consumption/wealth ratio. We argue that time-varying expected business conditions likely capture time-varying risk …, while time-varying consumption/wealth may capture time-varying risk aversion …

for an important and recently introduced non-financial predictor, the generalized consumption/wealth ratio, which accords … the consumption/wealth ratio. We argue that time-varying expected business conditions likely capture time-varying risk …, while time-varying consumption/wealth may capture time-varying risk aversion …

controlling for an important and recently introduced non-financial predictor, the generalized consumption/wealth ratio, which … of the consumption/wealth ratio. We argue that time-varying expected business conditions likely capture time-varying risk …, while time-varying consumption/wealth may capture time-varying risk aversion …