Time Orientation and Asset Prices

Topics:
Investment and Capital Markets
Tags:
Asset,
Asset Management,
Asset Price,
Asset Pricing,
Business Operations,
Operational Planning,
University Of Rochester
Source:
University of Rochester

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Overview: The paper analyzes a general-equilibrium asset pricing model where a small subset of the consumers/investors has a short-run "urge to save". That is, their attitudes toward consumption in the long run is a standard one they do place zero weight on consumption far enough out in the future but their short-run effective rates of discount may be negative. The model nests the Mehra-Prescott model and uses it as a way of interpreting the wealth and asset pricing data.

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Format: PDF | Size: 154KB | Date: Apr 2001 | Pages: 21

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