Direct Preferences for Wealth, the Risk Premium Puzzle, Growth, and Policy Effectiveness

Topics:
Investment and Capital Markets
Tags:
Asset,
Asset Management,
Asset Pricing,
Business Operations,
Capitalism,
Growth,
Operational Planning,
Reed Elsevier Inc.
Source:
Reed Elsevier

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Overview: This paper considers social status, the spirit of capitalism, fiscal policies, and asset pricing in a stochastic model of growth. With specific assumptions on the production technology, preferences, and stochastic shocks, the paper derives the explicit solutions to the growth rates of consumption and savings and equilibrium returns on all assets. The paper further demonstrates how fiscal policies, the spirit of capitalism, and stochastic shocks affect growth, asset pricing, and welfare.

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Format: PDF | Size: 156KB | Date: May 2000 | Pages: 24

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