Decision Frequency and Synchronization Across Agents: Implications for Aggregate Consumption and Equity Return
研究决策频率和不同步性如何影响总消费和股票收益，发现低频且不同步的决策能解释美国数据中总消费增长的低波动及其与股票收益的低相关性。
ABSTRACT This article examines a model in which decisions are made at fixed intervals and are unsynchronized across agents. Agents choose nondurable consumption and portfolio composition, and either or both can be chosen infrequently. A small utility cost is associated with both decisions being made infrequently. Calibrating returns to the U.S. economy, less frequent and unsynchronized decision‐making delivers the low volatility of aggregate consumption growth and its low correlation with equity return found in U.S. data. Allowing portfolio rebalancing to occur every period has a negligible impact on the joint behavior of aggregate consumption and returns.