surged in a selected set of European economies. To that end, we develop a simple consumption-based asset pricing model and …

surged in a selected set of European economies. To that end, we develop a simple consumption-based asset pricing model and …

consumption-based asset pricing. This paper establishes novel theoretical results for the ESP (empirical saddlepoint …), and it suggests that consumption-based asset-pricing theory is more consistent with data than standard inference …