Asset Returns and Labor Supply in a Production Economy
在标准真实商业周期模型中引入一种新偏好设定，提高随机贴现因子波动性并降低劳动供给的财富弹性，从而更好地同时解释资产定价和商业周期事实。
The introduction of an endogenous labor decision represents a challenge for models that seek to jointly explain asset pricing and business cycle facts. This paper shows that several improvements can be made if a standard real business cycle model is augmented with a novel preference specification that increases the stochastic discount factor volatility and simultaneously reduces the wealth elasticity of labor supply.