Showing 1 - 10 of 18
When households consume both nondurable goods and housing services, external habit preference over nondurable consumption generates procyclical demand for housing. Marginal utility falls when housing demand rises and innovations to housing demand arise as a risk factor. Motivated by theory, we...
Persistent link: https://www.econbiz.de/10012216697
Persistent link: https://www.econbiz.de/10011848573
Persistent link: https://www.econbiz.de/10014474913
Persistent link: https://www.econbiz.de/10013407087
Persistent link: https://www.econbiz.de/10014529149
Persistent link: https://www.econbiz.de/10010467583
Persistent link: https://www.econbiz.de/10010482973
A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price estimates that are of the same sign and similar in...
Persistent link: https://www.econbiz.de/10013040236
Persistent link: https://www.econbiz.de/10011861000
A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price estimates that are of the same sign and similar in...
Persistent link: https://www.econbiz.de/10012457922