Asset Prices and Asset Quantities
提出一个分析框架，通过将家庭部门的资产需求与经济模型中的资产供给相匹配来决定资产价格，并分解历史资产变化，发现供给和收入变化影响财富GDP比和房地产，而回报预期决定股票持仓。
We propose an organizing framework that determines asset prices by equating household sector asset demand derived from an economic model to the observed supply of assets provided by other sectors. We then use a specific model of household asset demand to decompose historical changes in asset positions into changes in new asset supply and household income, as well as changes in return expectations. Our findings show that supply and income changes are important determinants of the wealth-to-GDP ratio and real estate positions, and return expectations are the key determinant of equity positions.