risk-averse households. Deriving a complete solution of the optimization problem taking the intertemporal budget constraint … into account leads to ambiguous effects w.r.t. to the impact of capital as well as inflation risk, thus contradicting …

risk-averse households. Deriving a complete solution of the optimization problem taking the intertemporal budget constraint … ambiguous effects w.r.t. to the impact of capital market risk as well as inflation risk, which is due to the interplay of … response to positive changes in inflation risk and capital market risk, respectively, with both effects lasting permanently. …