model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

-run and short-run risk. First, we document that our model can match consumption data of several countries. Second, we show … that in a model with recursive preferences our new channel generates a large equity risk premium even if the consumption …