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The analysis in this paper shows that unpredictable variations in economic productivity may have a positive or negative effect on the average growth rate of output. This theoretical ambiguity result is not solely determined by the value of the elasticity of intertemporal substitution (of...
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in the model which represent the micro foundation in the model. One of the conclusions is that the more “risk averse” the …
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activity is fraught with great risk, which is largely exacerbated by liquidity constraints. This situation is especially …
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Is it really possible to control for the downside risk when the market environment is in constant evolution? If so … variance and correlation terms are properly taken into account, downside risk can be mitigated without compromising long …
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