Long Run Risk, the Wealth-Consumption Ratio, and the Temporal Pricing of Risk by Koijen, Ralph S. J., Lustig, Hanno, Nieuwerburgh, Stijn Van, Verdelhan, Adrien Frederic

“…Yet, several other representative agent models, such as the external habit model of John Y. Campbell and John H. Cochrane (1999) and the variable rare disasters model of Xavier Gabaix (2008), seem to be able to match a similar set of asset pricing moments. …”
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