Constant Absolute Risk Aversion Preferences and Constant Equilibrium Interest Rates
构建了一个内生随机生产的一般均衡模型，证明在封闭生产经济中，当偏好由常绝对风险厌恶效用函数表示时，均衡利率可以是常数。
ABSTRACT This paper constructs a general equilibrium model with endogenous stochastic production and establishes that the equilibrium interest rate can be constant in a closed production economy when the preferences are represented by constant absolute risk aversion utility functions. The results in this paper and their limitations are compared and contrasted with related contributions in the financial economics literature.