Details

Subject(s)

• Finance—Econometric models [Browse]
• Macroeconomics [Browse]

Series

Working Paper Series (National Bureau of Economic Research) ; Number w11193. [More in this series]

Summary note

I survey work on the intersection between macroeconomics and finance. The challenge is to find the right measure of "bad times," rises in the marginal value of wealth, so that we can understand high average returns or low prices as compensation for assets' tendency to pay off poorly in "bad times." I survey the literature, covering the time-series and cross-sectional facts, the equity premium, consumption-based models, general equilibrium models, and labor income/idiosyncratic risk approaches.

Source of description

Description based on publisher supplied metadata and other sources.

Doi

• 10.3386/w11193

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