메뉴 건너뛰기




Volumn 34, Issue 1, 1996, Pages 42-71

The Equity Premium: It's Still a Puzzle

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0002426025     PISSN: 00220515     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (583)

References (85)
  • 1
    • 0003007882 scopus 로고
    • Asset Prices under Habit Formation and Catching Up with the Joneses
    • May
    • ABEL, ANDREW B. "Asset Prices Under Habit Formation and Catching Up With the Joneses," Amer. Econ. Rev., May 1990, 80(2), pp. 38-42.
    • (1990) Amer. Econ. Rev. , vol.80 , Issue.2 , pp. 38-42
    • Abel, A.B.1
  • 2
    • 0002191365 scopus 로고
    • The Equity Premium Puzzle
    • Sept./Oct.
    • _. "The Equity Premium Puzzle," Bus. Rev.: Fed. Res. Bank Philadelphia, Sept./Oct. 1991, pp. 3-14.
    • (1991) Bus. Rev.: Fed. Res. Bank Philadelphia , pp. 3-14
  • 3
    • 21844484174 scopus 로고
    • Exact Solutions for Expected Rates of Return under Markov Regime Switching: Implications for the Equity Premium Puzzle
    • Aug.
    • _. "Exact Solutions for Expected Rates of Return Under Markov Regime Switching: Implications for the Equity Premium Puzzle," J. Money, Credit, Banking, Part 1, Aug. 1994, 26(3), pp. 345-61.
    • (1994) J. Money, Credit, Banking, Part 1 , vol.26 , Issue.3 , pp. 345-361
  • 4
    • 0344929861 scopus 로고
    • Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs
    • Winter
    • AIYAGARI, S. RAO. "Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs," Fed. Res. Bank Minn. Rev., Winter 1993, 17(1), pp. 17-31.
    • (1993) Fed. Res. Bank Minn. Rev. , vol.17 , Issue.1 , pp. 17-31
    • Aiyagari, S.R.1
  • 5
    • 21844504524 scopus 로고
    • Uninsured Idiosyncratic Risk and Aggregate Saving
    • Aug.
    • _. "Uninsured Idiosyncratic Risk and Aggregate Saving," Quart. J. Econ., Aug. 1994, 109(3), pp. 659-84.
    • (1994) Quart. J. Econ. , vol.109 , Issue.3 , pp. 659-684
  • 6
    • 44949278227 scopus 로고
    • Asset Returns with Transaction Costs and Uninsured Individual Risk
    • June
    • AIYAGARI, S. RAO AND GERTLER, MARK. "Asset Returns with Transaction Costs and Uninsured Individual Risk," J. Monet. Econ., June 1991, 27(3), pp. 311-31.
    • (1991) J. Monet. Econ. , vol.27 , Issue.3 , pp. 311-331
    • Aiyagari, S.R.1    Gertler, M.2
  • 8
    • 0002900477 scopus 로고
    • Reconsidering the Costs of Business Cycles with Incomplete Markets
    • Eds.: STANLEY FISCHER AND JULIO ROTEMBERG. Cambridge, MA: MIT Press
    • ATKESON, ANDREW AND PHELAN, CHRISTOPHER. "Reconsidering the Costs of Business Cycles with Incomplete Markets," in NBER macroeconomics annual 1994. Eds.: STANLEY FISCHER AND JULIO ROTEMBERG. Cambridge, MA: MIT Press, 1994, pp. 187-207.
    • (1994) NBER Macroeconomics Annual 1994 , pp. 187-207
    • Atkeson, A.1    Phelan, C.2
  • 9
    • 38249019161 scopus 로고
    • Leverage, Time Preference, and the 'Equity Premium Puzzle'
    • Jan.
    • BENNINGA, SIMON AND PROTOPAPADAKIS, ARIS. "Leverage, Time Preference, and the 'Equity Premium Puzzle'," J. Monet. Econ., Jan. 1990, 25(1), pp. 49-58.
    • (1990) J. Monet. Econ. , vol.25 , Issue.1 , pp. 49-58
    • Benninga, S.1    Protopapadakis, A.2
  • 10
    • 0009713512 scopus 로고
    • An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities
    • Sept.
    • BREEDEN, DOUGLAS T. "An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities," J. Finan. Econ., Sept. 1979, 7(3), pp. 265-96.
    • (1979) J. Finan. Econ. , vol.7 , Issue.3 , pp. 265-296
    • Breeden, D.T.1
  • 11
    • 84977729854 scopus 로고
    • Empirical Tests of the Consumption-Oriented CAPM
    • June
    • BREEDEN, DOUGLAS T.; GIBBONS, MICHAEL R. AND LITZENBERGER, ROBERT H. "Empirical Tests of the Consumption-Oriented CAPM." J. Finance, June 1989, 44(2), pp. 231-62.
    • (1989) J. Finance , vol.44 , Issue.2 , pp. 231-262
    • Breeden, D.T.1    Gibbons, M.R.2    Litzenberger, R.H.3
  • 12
    • 0000516158 scopus 로고
    • Prices of State-contingent Claims Implicit in Option Prices
    • Oct.
    • BREEDEN, DOUGLAS T. AND LITZENBERGER, ROBERT H. "Prices of State-contingent Claims Implicit in Option Prices," J. Bus., Oct. 1978, 51(4), pp. 621-51.
    • (1978) J. Bus. , vol.51 , Issue.4 , pp. 621-651
    • Breeden, D.T.1    Litzenberger, R.H.2
  • 13
    • 21344493450 scopus 로고
    • Hansen-Jagannathan Bounds as Classical Tests of Asset Pricing Models
    • Jan.
    • BURNSIDE, CRAIG. "Hansen-Jagannathan Bounds as Classical Tests of Asset Pricing Models," J. Bus. Econ. Statist., Jan. 1994, 12(1), pp. 57-79.
    • (1994) J. Bus. Econ. Statist. , vol.12 , Issue.1 , pp. 57-79
    • Burnside, C.1
  • 14
    • 0001077372 scopus 로고
    • Intertemporal Asset Pricing Without Consumption Data
    • June
    • CAMPBELL, JOHN Y. "Intertemporal Asset Pricing Without Consumption Data," Amer. Econ. Rev., June 1993, 83(3), pp. 487-512.
    • (1993) Amer. Econ. Rev. , vol.83 , Issue.3 , pp. 487-512
    • Campbell, J.Y.1
  • 16
    • 0039921869 scopus 로고
    • The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence
    • CARROLL, CHRISTOPHER D. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Pap. Econ. Act., 1992, 2, pp. 61-135.
    • (1992) Brookings Pap. Econ. Act. , vol.2 , pp. 61-135
    • Carroll, C.D.1
  • 17
    • 38249005063 scopus 로고
    • The Equity Premium and the Risk-free Rate: Matching the Moments
    • Feb.
    • CECCHETTI, STEPHEN G.; LAM, POK-SANG AND MARK, NELSON C. "The Equity Premium and the Risk-free Rate: Matching the Moments," J. Monet. Econ., Feb. 1993, 31(1), pp. 21-45.
    • (1993) J. Monet. Econ. , vol.31 , Issue.1 , pp. 21-45
    • Cecchetti, S.G.1    Lam, P.-S.2    Mark, N.C.3
  • 18
    • 0011507480 scopus 로고
    • Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations
    • May
    • CECCHETTI, STEPHEN G. AND MARK, NELSON C. "Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations," Amer. Econ. Rev., May 1990, 80(2), pp. 48-51.
    • (1990) Amer. Econ. Rev. , vol.80 , Issue.2 , pp. 48-51
    • Cecchetti, S.G.1    Mark, N.C.2
  • 19
    • 0002646438 scopus 로고
    • Asset Pricing Explorations for Macroeconomics
    • Eds.: OLIVIER BLANCHARD AND STANLEY FISCHER. Cambridge, MA: MIT Press
    • COCHRANE, JOHN AND HANSEN, LARS. "Asset Pricing Explorations for Macroeconomics," in NBER macroeconomics annual 1992. Eds.: OLIVIER BLANCHARD AND STANLEY FISCHER. Cambridge, MA: MIT Press, 1992, pp. 115-82.
    • (1992) NBER Macroeconomics Annual 1992 , pp. 115-182
    • Cochrane, J.1    Hansen, L.2
  • 20
    • 0001400264 scopus 로고
    • Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation
    • Apr.
    • CONSTANTINIDES, GEORGE M. "Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation," J. Bus., Apr. 1982, 55(2), pp. 253-67.
    • (1982) J. Bus. , vol.55 , Issue.2 , pp. 253-267
    • Constantinides, G.M.1
  • 21
    • 84935322716 scopus 로고
    • Habit Formation: A Resolution of the Equity Premium Puzzle
    • June
    • _. "Habit Formation: A Resolution of the Equity Premium Puzzle," J. Polit. Econ., June 1990, 98(3), pp. 519-43.
    • (1990) J. Polit. Econ. , vol.98 , Issue.3 , pp. 519-543
  • 25
    • 0000206041 scopus 로고
    • Intertemporal Asset Pricing under Knightian Uncertainty
    • Mar.
    • EPSTEIN, LARRY G. AND WANG, TAN. "Intertemporal Asset Pricing Under Knightian Uncertainty," Econometrica, Mar. 1994, 62(2), pp. 283-322.
    • (1994) Econometrica , vol.62 , Issue.2 , pp. 283-322
    • Epstein, L.G.1    Wang, T.A.N.2
  • 26
    • 0000842941 scopus 로고
    • Substitution, Risk Aversion, and the Temporal Behavior of Consumption Growth and Asset Returns I: A Theoretical Framework
    • July
    • EPSTEIN, LARRY G. AND ZIN, STANLEY E. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption Growth and Asset Returns I: A Theoretical Framework, Econometrica, July 1989, 57(4), pp. 937-69.
    • (1989) Econometrica , vol.57 , Issue.4 , pp. 937-969
    • Epstein, L.G.1    Zin, S.E.2
  • 27
    • 38249016161 scopus 로고
    • 'First Order' Risk Aversion and the Equity Premium Puzzle
    • Dec.
    • _. "'First Order' Risk Aversion and the Equity Premium Puzzle," J. Monet. Econ., Dec. 1990, 26(3), pp. 387-407.
    • (1990) J. Monet. Econ. , vol.26 , Issue.3 , pp. 387-407
  • 28
    • 84935429666 scopus 로고
    • Substitution, Risk Aversion, and the Temporal Behavior of Consumption Growth and Asset Returns II: An Empirical Analysis
    • Apr.
    • _. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption Growth and Asset Returns II: An Empirical Analysis," J. Polit. Econ., Apr. 1991, 99(2), pp. 263-86.
    • (1991) J. Polit. Econ. , vol.99 , Issue.2 , pp. 263-286
  • 29
    • 0000853427 scopus 로고
    • Habit Persistence and Durability in Aggregate Consumption: Empirical Tests
    • Oct.
    • FERSON, WAYNE E. AND CONSTANTINIDES, GEORGE. "Habit Persistence and Durability in Aggregate Consumption: Empirical Tests," J. Finan. Econ., Oct. 1991, 29(2), pp. 199-240.
    • (1991) J. Finan. Econ. , vol.29 , Issue.2 , pp. 199-240
    • Ferson, W.E.1    Constantinides, G.2
  • 30
    • 21344485460 scopus 로고
    • Keeping Up with the Joneses: Consumption Externalities, Portfolio Choice, and Asset Prices
    • Feb.
    • GALI, JORDI. "Keeping Up with the Joneses: Consumption Externalities, Portfolio Choice, and Asset Prices," J. Money, Credit, Banking, Feb. 1994, 26(1), pp. 1-8.
    • (1994) J. Money, Credit, Banking , vol.26 , Issue.1 , pp. 1-8
    • Gali, J.1
  • 31
    • 84928440780 scopus 로고
    • Asset Prices and Interest Rates in Cash-in-Advance Models
    • Dec.
    • GIOVANNINI, ALBERTO AND LABADIE, PAMELA. "Asset Prices and Interest Rates in Cash-in-Advance Models," J. Polit. Econ., Dec. 1991, 99(6), pp. 1215-51.
    • (1991) J. Polit. Econ. , vol.99 , Issue.6 , pp. 1215-1251
    • Giovannini, A.1    Labadie, P.2
  • 32
    • 77950381520 scopus 로고
    • Calibration as Testing: Inference in Simulated Macroeconomic Models
    • July
    • GREGORY, ALLEN W. AND SMITH, GREGOR W. "Calibration as Testing: Inference in Simulated Macroeconomic Models," J. Bus. Econ. Statist., July 1991, 9(3), pp. 297-303.
    • (1991) J. Bus. Econ. Statist. , vol.9 , Issue.3 , pp. 297-303
    • Gregory, A.W.1    Smith, G.W.2
  • 33
    • 0000472873 scopus 로고
    • Estimating the Continuous-Time Consumption-Based Asset-Pricing Model
    • July
    • GROSSMAN, SANFORD J.; MELINO, ANGELO AND SHILLER, ROBERT J. "Estimating the Continuous-Time Consumption-Based Asset-Pricing Model," J. Bus. Econ. Statist., July 1987, 5(3), pp. 315-27.
    • (1987) J. Bus. Econ. Statist. , vol.5 , Issue.3 , pp. 315-327
    • Grossman, S.J.1    Melino, A.2    Shiller, R.J.3
  • 34
    • 84914513057 scopus 로고
    • The Determinants of the Variability of Stock Market Prices
    • May
    • GROSSMAN, SANFORD J. AND SHILLER, ROBERT J. "The Determinants of the Variability of Stock Market Prices," Amer. Econ. Rev., May 1981, 71(2), pp. 222-27.
    • (1981) Amer. Econ. Rev. , vol.71 , Issue.2 , pp. 222-227
    • Grossman, S.J.1    Shiller, R.J.2
  • 36
    • 1542561795 scopus 로고    scopus 로고
    • Why Do so Few Hold Stocks? The View from Asset Pricing Theory
    • forthcoming
    • HALIASSOS, MICHAEL AND BERTAUT, CAROL. "Why Do So Few Hold Stocks? The View from Asset Pricing Theory," Econ. J., forthcoming.
    • Econ. J.
    • Haliassos, M.1    Bertaut, C.2
  • 37
    • 0000155749 scopus 로고
    • Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
    • Dec.
    • HALL, ROBERT E. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," J. Polit. Econ., Dec. 1978, 86(6), pp. 971-87.
    • (1978) J. Polit. Econ. , vol.86 , Issue.6 , pp. 971-987
    • Hall, R.E.1
  • 38
    • 84936526550 scopus 로고
    • Intertemporal Substitution in Consumption
    • Apr.
    • _. "Intertemporal Substitution in Consumption," J. Polit. Econ., Apr. 1988, 96(2), pp. 339-57.
    • (1988) J. Polit. Econ. , vol.96 , Issue.2 , pp. 339-357
  • 39
    • 0001342006 scopus 로고
    • A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle
    • Mar.
    • HAMILTON, JAMES D. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Mar. 1989, 57(2), pp. 357-84.
    • (1989) Econometrica , vol.57 , Issue.2 , pp. 357-384
    • Hamilton, J.D.1
  • 41
    • 84934563125 scopus 로고
    • Implications of Security Market Data for Models of Dynamic Economies
    • Apr.
    • HANSEN, LARS PETER AND JAGANNATHAN, RAVI. "Implications of Security Market Data for Models of Dynamic Economies," J. Polit. Econ., Apr. 1991, 99(2), pp. 225-62.
    • (1991) J. Polit. Econ. , vol.99 , Issue.2 , pp. 225-262
    • Hansen, L.P.1    Jagannathan, R.2
  • 43
    • 85017108575 scopus 로고
    • Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models
    • Sept.
    • HANSEN, LARS PETER AND SINGLETON, KENNETH. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Sept. 1982, 50(5), pp. 1269-86.
    • (1982) Econometrica , vol.50 , Issue.5 , pp. 1269-1286
    • Hansen, L.P.1    Singleton, K.2
  • 44
    • 40849105983 scopus 로고
    • Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns
    • Apr.
    • _. "Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns, J. Polit. Econ., Apr. 1983, 91(2), pp. 249-65.
    • (1983) J. Polit. Econ. , vol.91 , Issue.2 , pp. 249-265
  • 45
    • 84937290579 scopus 로고
    • Market Frictions and Consumption-Based Asset Pricing
    • Feb.
    • HE, HUA AND MODEST, DAVID M. "Market Frictions and Consumption-Based Asset Pricing," J. Polit. Econ., Feb. 1995, 103(1), pp. 94-117.
    • (1995) J. Polit. Econ. , vol.103 , Issue.1 , pp. 94-117
    • Hua, H.E.1    Modest, D.M.2
  • 46
    • 0000900299 scopus 로고
    • An Empirical Investigation of Asset Pricing with Temporally Dependent Preference Specifications
    • May
    • HEATON, JOHN. "An Empirical Investigation of Asset Pricing with Temporally Dependent Preference Specifications," Econometrica, May 1995, 63(3), pp. 681-717.
    • (1995) Econometrica , vol.63 , Issue.3 , pp. 681-717
    • Heaton, J.1
  • 48
    • 58149209421 scopus 로고
    • The Importance of Investor Heterogeneity and Financial Market Imperfections for the Behavior of Asset Prices
    • _. "The Importance of Investor Heterogeneity and Financial Market Imperfections for the Behavior of Asset Prices," Carnegie-Rochester Ser. Public Pol., 1995b.
    • (1995) Carnegie-Rochester Ser. Public Pol.
  • 50
    • 43949150550 scopus 로고
    • The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving
    • June
    • HUBBARD, R. GLENN; SKINNER, JONATHAN AND ZELDES, STEPHEN P. "The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving," Carnegie-Rochester Ser. Public Pol., June 1994, 40, pp. 59-125.
    • (1994) Carnegie-Rochester Ser. Public Pol. , vol.40 , pp. 59-125
    • Hubbard, R.G.1    Skinner, J.2    Zeldes, S.P.3
  • 51
    • 0001140573 scopus 로고
    • The Risk-Free Rate in Heterogeneous-Agent Incomplete-Insurance Economies
    • Sept./Nov.
    • HUGGETT, MARK. "The Risk-Free Rate in Heterogeneous-Agent Incomplete-Insurance Economies," J. Econ. Dynam. Control, Sept./Nov. 1993, 17(5/6), pp. 953-69.
    • (1993) J. Econ. Dynam. Control , vol.17 , Issue.5-6 , pp. 953-969
    • Huggett, M.1
  • 53
    • 84910958135 scopus 로고
    • Equilibrium Modeling of Asset Prices: Rationality Versus Rules of Thumb
    • Jan.
    • INGRAM, BETH FISHER. "Equilibrium Modeling of Asset Prices: Rationality Versus Rules of Thumb," J. Bus. Econ. Statist., Jan. 1990, 8(1), pp. 115-25.
    • (1990) J. Bus. Econ. Statist. , vol.8 , Issue.1 , pp. 115-125
    • Ingram, B.F.1
  • 54
    • 0000781833 scopus 로고
    • Expectations and Volatility of Consumption and Asset Returns
    • KANDEL, SHMUEL AND STAMBAUGH, ROBERT F. "Expectations and Volatility of Consumption and Asset Returns," Rev. Finan. Stud., 1990, 3(2), pp. 207-32.
    • (1990) Rev. Finan. Stud. , vol.3 , Issue.2 , pp. 207-232
    • Kandel, S.1    Stambaugh, R.F.2
  • 55
    • 44949277629 scopus 로고
    • Asset Returns and Intertemporal Preferences
    • Feb.
    • _. "Asset Returns and Intertemporal Preferences," J. Monet. Econ., Feb. 1991, 27(1), pp. 39-71.
    • (1991) J. Monet. Econ. , vol.27 , Issue.1 , pp. 39-71
  • 56
    • 0002541131 scopus 로고
    • Precautionary Saving in the Small and in the Large
    • Jan.
    • KIMBALL, MILES S. "Precautionary Saving in the Small and in the Large," Econometrica, Jan. 1990, 58(1), pp. 53-73.
    • (1990) Econometrica , vol.58 , Issue.1 , pp. 53-73
    • Kimball, M.S.1
  • 57
    • 0009073020 scopus 로고
    • On the 'Discount' Factor in Growth Economies
    • Jan.
    • KOCHERLAKOTA, NARAYANA. "On the 'Discount' Factor in Growth Economies," J. Monet. Econ., Jan. 1990a, 25(1), pp. 43-47.
    • (1990) J. Monet. Econ. , vol.25 , Issue.1 , pp. 43-47
    • Kocherlakota, N.1
  • 58
    • 84977716937 scopus 로고
    • Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result
    • Mar.
    • _. "Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result," J. Finance, Mar. 1990b, 45(1), pp. 175-90.
    • (1990) J. Finance , vol.45 , Issue.1 , pp. 175-190
  • 59
    • 0000484063 scopus 로고
    • On Tests of Representative Consumer Asset Pricing Models
    • Oct.
    • _. "On Tests of Representative Consumer Asset Pricing Models," J. Monet. Econ., Oct. 1990c, 26(2), pp. 285-304.
    • (1990) J. Monet. Econ. , vol.26 , Issue.2 , pp. 285-304
  • 61
    • 0000611849 scopus 로고
    • Stochastic Inflation and the Equity Premium
    • Sept.
    • LABADIE, PAMELA. "Stochastic Inflation and the Equity Premium," J. Monet. Econ., Sept. 1989, 24(3), pp. 277-98.
    • (1989) J. Monet. Econ. , vol.24 , Issue.3 , pp. 277-298
    • Labadie, P.1
  • 62
    • 0001378029 scopus 로고
    • Asset Pricing with Undiversifiable Risk and Short Sales Constraints: Deepening the Equity Premium Puzzle
    • Dec.
    • LUCAS, DEBORAH. "Asset Pricing with Undiversifiable Risk and Short Sales Constraints: Deepening the Equity Premium Puzzle," J. Monet. Econ., Dec. 1994, 34(3), pp. 325-42.
    • (1994) J. Monet. Econ. , vol.34 , Issue.3 , pp. 325-342
    • Lucas, D.1
  • 63
    • 0000150312 scopus 로고
    • Asset Prices in an Exchange Economy
    • Nov.
    • LUCAS, ROBERT E., JR. "Asset Prices in an Exchange Economy," Econometrica, Nov. 1978, 46(6), pp. 1429-45.
    • (1978) Econometrica , vol.46 , Issue.6 , pp. 1429-1445
    • Lucas Jr., R.E.1
  • 64
    • 0004067977 scopus 로고
    • New York: Basil Blackwell
    • _. Models of business cycles. New York: Basil Blackwell, 1987.
    • (1987) Models of Business Cycles
  • 66
    • 0000339532 scopus 로고
    • The Equity Premium and the Concentration of Aggregate Shocks
    • Sept.
    • MANKIW, N. GREGORY. "The Equity Premium and the Concentration of Aggregate Shocks," J. Finan. Econ., Sept. 1986, 17(1), pp. 211-19.
    • (1986) J. Finan. Econ. , vol.17 , Issue.1 , pp. 211-219
    • Mankiw, N.G.1
  • 67
    • 0002874783 scopus 로고
    • The Consumption of Stockholders and Non-Stockholders
    • Mar.
    • MANKIW, N. GREGORY AND ZELDES, STEPHEN P. "The Consumption of Stockholders and Non-Stockholders," J. Finan. Econ., Mar. 1991, 29(1), pp. 97-112.
    • (1991) J. Finan. Econ. , vol.29 , Issue.1 , pp. 97-112
    • Mankiw, N.G.1    Zeldes, S.P.2
  • 69
    • 46549099071 scopus 로고
    • The Equity Premium: A Puzzle
    • Mar.
    • MEHRA, RAJNISH AND PRESCOTT, EDWARD C. "The Equity Premium: A Puzzle," J. Monet. Econ., Mar. 1985, 15(2), pp. 145-61.
    • (1985) J. Monet. Econ. , vol.15 , Issue.2 , pp. 145-161
    • Mehra, R.1    Prescott, E.C.2
  • 70
    • 45549121696 scopus 로고
    • The Equity Risk Premium: A Solution?
    • July
    • _. "The Equity Risk Premium: A Solution?" J. Monet. Econ., July 1988, 22(1), pp. 133-36.
    • (1988) J. Monet. Econ. , vol.22 , Issue.1 , pp. 133-136
  • 73
    • 45549121696 scopus 로고
    • The Equity Risk Premium: A Solution
    • July
    • RIETZ, THOMAS A. "The Equity Risk Premium: A Solution," J. Monet. Econ., July 1988, 22(1), pp. 117-31.
    • (1988) J. Monet. Econ. , vol.22 , Issue.1 , pp. 117-131
    • Rietz, T.A.1
  • 75
    • 0016997122 scopus 로고
    • The Valuation of Uncertain Income Streams and the Pricing of Options
    • Autumn
    • RUBINSTEIN, MARK. "The Valuation of Uncertain Income Streams and the Pricing of Options," Bell J. Econ., Autumn 1976, 7(2), pp. 407-25.
    • (1976) Bell J. Econ. , vol.7 , Issue.2 , pp. 407-425
    • Rubinstein, M.1
  • 76
    • 38249014139 scopus 로고
    • The Real Rate of Interest from 1800-1990: A Study of the U.S. and the U.K.
    • Apr.
    • SIEGEL, JEREMY J. "The Real Rate of Interest from 1800-1990: A Study of the U.S. and the U.K.," J. Monet. Econ., Apr. 1992, 29(2), 227-52.
    • (1992) J. Monet. Econ. , vol.29 , Issue.2 , pp. 227-252
    • Siegel, J.J.1
  • 77
    • 0002960008 scopus 로고
    • On Income Fluctuations and Capital Gains
    • Feb.
    • SOTOMAYOR, MARILDA DE OLIVEIRA. "On Income Fluctuations and Capital Gains," J. Econ. Theory, Feb. 1984, 32(1), pp. 14-35.
    • (1984) J. Econ. Theory , vol.32 , Issue.1 , pp. 14-35
    • Sotomayor, M.D.O.1
  • 79
    • 0039095262 scopus 로고
    • Asset Pricing Puzzles and Incomplete Markets
    • Dec.
    • TELMER, CHRIS I. "Asset Pricing Puzzles and Incomplete Markets," J. Finance, Dec. 1993, 48(5), pp. 1803-32.
    • (1993) J. Finance , vol.48 , Issue.5 , pp. 1803-1832
    • Telmer, C.I.1
  • 80
    • 38249034210 scopus 로고
    • Asset-Return Anomalies in a Monetary Economy
    • Apr.
    • TOWNSEND, ROBERT M. "Asset-Return Anomalies in a Monetary Economy." J. Econ. Theory, Apr. 1987, 41(2), pp. 219-47.
    • (1987) J. Econ. Theory , vol.41 , Issue.2 , pp. 219-247
    • Townsend, R.M.1
  • 81
    • 38249004563 scopus 로고
    • The Equity Premium Puzzle and the Risk-Free Rate Puzzle
    • Nov.
    • WEIL, PHILIPPE. "The Equity Premium Puzzle and the Risk-Free Rate Puzzle," J. Monet. Econ., Nov. 1989, 24(2), pp. 401-21.
    • (1989) J. Monet. Econ. , vol.24 , Issue.2 , pp. 401-421
    • Weil, P.1
  • 82
    • 0001926061 scopus 로고
    • Nonexpected Utility in Macroeconomics
    • Feb.
    • _. "Nonexpected Utility in Macroeconomics," Quart. J. Econ., Feb. 1990, 105(1), pp. 29-42.
    • (1990) Quart. J. Econ. , vol.105 , Issue.1 , pp. 29-42
  • 83
    • 0000836115 scopus 로고
    • Equilibrium Asset Prices with Undiversifiable Labor Income Risk
    • July/Oct.
    • _. "Equilibrium Asset Prices with Undiversifiable Labor Income Risk," J. Econ. Dynam. Control, July/Oct. 1992, 16(3/4), pp. 769-90.
    • (1992) J. Econ. Dynam. Control , vol.16 , Issue.3-4 , pp. 769-790
  • 84
    • 84936047538 scopus 로고
    • Consumption and Liquidity Constraints: An Empirical Investigation
    • Apr.
    • ZELDES, STEPHEN P. "Consumption and Liquidity Constraints: An Empirical Investigation," J. Polit. Econ., Apr. 1989a, 97(2), pp. 305-46.
    • (1989) J. Polit. Econ. , vol.97 , Issue.2 , pp. 305-346
    • Zeldes, S.P.1
  • 85
    • 2942757485 scopus 로고
    • Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence
    • May
    • _. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," Quart. J. Econ., May 1989b, 104(2), pp. 275-98.
    • (1989) Quart. J. Econ. , vol.104 , Issue.2 , pp. 275-298


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.