observed in the data, because the term structure of consumption strip risk premia is downward sloping …

observed in the data, because the term structure of consumption strip risk premia is downward sloping …

In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of … asset prices and consumption growth. A decrease in house prices reduces the collateral value of housing, increases household … that a decrease in the ratio of housing wealth to human wealth predicts higher returns on stocks. Conditional on this ratio …

Consumption is the largest component of GDP. Since the 1950s, the life cycle and the permanent income models have … constituted the main analytical tools to the study of consumption behaviour, both at the micro and at the aggregate level. Since … the literature to estimate preferences is the lack of a ‘consumption function’. A challenge for future research is to use …