李楠的JPE文章也出来了,不错!
李楠的JPE文章也出来了,不错!
Consumption Strikes Back? Measuring Long-Run Risk
Lars Peter Hansen, John C. Heaton, and Nan Li
Abstract-Full Text-PDF Version (242 kB)
Issue: April 2008 Previous Issue | Next Issue [Journal of Political Economy, 2008, vol. 116, no. 2] © 2008 by The University of Chicago. All rights reserved. 0022-3808/2008/11602-0004$10.00 DOI: 10.1086/588200 Consumption Strikes Back? Measuring Long-Run Risk Lars Peter Hansen and
John C. Heaton
University of Chicago and National Bureau of Economic Research
Nan Li
National University of Singapore
We characterize and measure a long-term risk-return trade-off for the valuation of cash flows exposed to fluctuations in macroeconomic growth. This trade-off features risk prices of cash flows ...
Consumption Strikes Back? Measuring Long-Run Risk
Lars Peter Hansen, John C. Heaton, and Nan Li
Abstract-Full Text-PDF Version (242 kB)
Issue: April 2008 Previous Issue | Next Issue [Journal of Political Economy, 2008, vol. 116, no. 2] © 2008 by The University of Chicago. All rights reserved. 0022-3808/2008/11602-0004$10.00 DOI: 10.1086/588200 Consumption Strikes Back? Measuring Long-Run Risk Lars Peter Hansen and
John C. Heaton
University of Chicago and National Bureau of Economic Research
Nan Li
National University of Singapore
We characterize and measure a long-term risk-return trade-off for the valuation of cash flows exposed to fluctuations in macroeconomic growth. This trade-off features risk prices of cash flows ...
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