"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 …

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 …

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 …

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