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"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor … US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk … wealth-consumption ratio is much higher than the price-dividend ratio on stocks throughout the post-war period. The high …
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Many authors underlined the convergence of financial structures towards a model which combines elements of the Anglo Saxon one, where markets prevail, with characteristics of the continental European systems, where intermediaries are predominant. The goal of this paper is to study financial...
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