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Wealth, liquidity and consumption
James Tobin,Walter Dolde +1 more
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This article is published in Research Papers in Economics.The article was published on 1972-01-01 and is currently open access. It has received 88 citations till now. The article focuses on the topics: Liquidity crisis & Liquidity risk.read more
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THE EQUITY PREMIUM A Puzzle
Rajnish Mehra,Edward C. Prescott +1 more
TL;DR: This paper showed that an equilibrium model which is not an Arrow-Debreu economy will be the one that simultaneously rationalizes both historically observed large average equity return and the small average risk-free return.
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Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
Robert E. Hall,Robert E. Hall +1 more
TL;DR: In this paper, the marginal utility of consumption evolves according to a random walk with trend, and consumption itself should evolve in the same way, and the evidence supports a modified version of the life cycle permanent income hypothesis.
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Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
TL;DR: In this article, the authors show that no variable apart from current consumption should be of any value in predicting future consumption, except real disposable income, which has no predictive power for consumption, but rejected for an index of stock prices.
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Theory ahead of business-cycle measurement
TL;DR: In this article, the authors reviewed recent developments in business cycle theory and found that the growth model, which was developed to account for the secular patterns in important economic aggregates, displays the business cycle phenomena once it incorporates the observed randomness in the rate of technological advance.
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The Role of Intergenerational Transfers in Aggregate Capital Accumulation
TL;DR: This paper used historical U.S. data to directly estimate the contribution of intergenerational transfers to aggregate capital accumulation and found that only a negligible fraction of actual capital accumulation can be traced to life cycle or "hump" savings.
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