simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

, there is considerable evidence in the data of time-varying expected consumption growth and volatility, (ii) The LRR model … matches the key asset markets data features, (iii) In the data and in the LRR model accordingly, past consumption growth does … not predict future asset prices, whereas lagged consumption in the habit model forecasts future price-dividend ratios with …

, there is considerable evidence in the data of time-varying expected consumption growth and volatility, (ii) The LRR model … matches the key asset markets data features, (iii) In the data and in the LRR model accordingly, past consumption growth does … not predict future asset prices, whereas lagged consumption in the habit model forecasts future price-dividend ratios with …