• 1. Introduction
  • 2. The intertemporal consumption and portfolio choice problem
  • 3. An exact solution with unit elasticity of intertemporal substitution
  • Approximate general solution
  • 4. Consumption and portfolio choice when expected excess returns covary with volatility
  • 5. Model estimation: spectral GMM
  • 6. Optimal Consumption and portfoliochoice with stochastic volatility: the U.S. experience
  • 7. Conclusion