Korniotis, George M.; Kumar, Alok - Federal Reserve Board (Board of Governors of the … - 2008
growth rates of GSP and state-level consumption (e.g, Cochrane (1991), Asdrubali, Sorensen, and Yosha (1996)).
The total risk …, the
standard deviations of the state-speci�c component of their real per capita gross state product (GSP)
growth rates are … less risky. The standard deviations of the state-speci�c component
of their per capita GSP growth rate are only around 0 …