Webdeducing testable restrictions implied by dynamic asset pricing models," Econometrica, 55, 587{614. Hodrick, R. and X. Zhang, 2001, \Evaluating the speci cation errors of asset pricing models," Journal of Financial Economics, 2001, 62, 327{376. 3. Consumption asset pricing Dynamic programming m ˘U0(c) The consumption CAPM The equity premium … WebVol. 1 No. 3 Monetary Policy and Asset-Price Bubbles 5 the potential for supranormal returns as long as the bubble sur-vives.2 ... economy, based on previous studies by Ball (1994), DeLong and Summers (1988), and Rudebusch (1995). Ball (1999b) also used these parameter values in an open-
A Demand System Approach to Asset Pricing Journal of …
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Asset Pricing I: Theory and Evidence - Columbia Business School
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