Asset pricing in production economies
研究单部门真实商业周期模型中不同版本下的资产回报，发现包含习惯形成偏好和资本调整成本的模型能解释历史股权溢价和无风险利率，同时复现商业周期特征。
This paper studies asset returns in different versions of the one-sector real business cycle model. We show that a model with habit formation preferences and capital adjustment costs can explain the historical equity premium and the average risk-free return while replicating the salient business cycle properties. The paper also applies a solution technique that combines loglinear methods with lognormal asset pricing formulae.