We characterize and measure a long-term risk-return trade-off for the valuation of cash flows exposed to fluctuations … in macroeconomic growth. This trade-off features risk prices of cash flows that are realized far into the future but …

featuring consumption externalities, recursive utility, and jump risk …

We characterize and measure a long-run risk return tradeoff for the valuation of financial cash flows that are exposed … inputs from vector autoregressions to quantify this relationship; and we study the long-run risk differences in aggregate …

examples featuring consumption externalities, recursive utility, and jump risk …

featuring consumption externalities, recursive utility, and jump risk …

featuring consumption externalities, recursive utility, and jump risk …

underpinnings of asset pricing models. I illustrate how statistical ambiguity can alter the risk-return tradeoff familiar from asset … pricing; and I show that when real time learning is included risk premia are larger when macroeconomic growth is lower than …