• 1 Introduction
  • 2 The Model
  • 2.1 Production, Investment and Assets
  • 2.2 Private Information and Noise
  • 2.3 Consumption and Portfolio Choice
  • 2.4 Asset and Goods Market Clearing
  • 3 Solution Method
  • 3.1 Asset Price Conjecture
  • 3.2 Signal Extraction
  • 3.3 General Equilibrium
  • 4 Asset Prices, Portfolio Allocation and CapitalFlows
  • 4.1 Asset Prices
  • 4.2 Portfolio Allocation
  • 4.3 International Capital Flows
  • 5 Quantitative Assessment
  • 5.1 Calibration Results
  • 5.2 Evidence from Six Industrialized Countries
  • 6 Conclusion
  • Appendix
  • References