Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns
通过代表性消费者模型，对偏好及消费与收益的联合分布施加约束，推导出对数线性时间序列表示，并用战后数据估计偏好参数并检验约束。
This paper studies the time-series behavior of asset returns and aggregate consumption. Using a representative consumer model and imposing restrictions on preferences and the joint distribution of consumption and returns, we deduce a restricted log-linear time-series representation. Preference parameters for the representative agent are estimated and the implied restrictions are tested using postwar data.