Lansing, Kevin J. (contributor) - 2008
reasonable levels of risk aversion. In contrast, the price-dividend ratio in
long-run U.S. stock market data is volatile and … trend growth, reminiscent of the U.S. economy during the late 1920s and late 1990s.
The welfare cost of speculation …, reminiscent of the U.S. economy during the late 1920s and late 1990s.
The model can also generate prolonged periods where the …