Market Hypothesis sense. The paper tries to show that this so-called excess volatility is to a large extend the result of the … employing the Gordon Growth Model and using an estimation process for the dividend growth rate that was suggested by Barsky and …, constant dividend growth rates as well as non-variable discount rates. It is shown that indeed volatility declines considerably …

This paper elucidates the influence of stock market volatility on U.S. consumption using pooled mean group (PMG …) estimation of 46 states over the period from 1998 to 2017. The findings confirm that the PMG estimates of the effect of stock … market volatility on consumption are robust to the lag order, lag selection criteria, and outliers compared with the mean …