Judd, Kenneth L.; Kubler, Felix; Schmedders, Karl - In: Journal of Finance 58 (2003) 5, pp. 2203-2218
Trading volume of infinitely lived securities, such as equity, is generically zero in Lucas asset pricing models with heterogeneous agents. More generally, the end-of-period portfolio of all securities is constant over time and states in the generic economy. General equilibrium restrictions rule...