We derive and test a consumption-based intertemporal asset pricing model in which an asset earns a risk premium if it performs poorly when expected future consumption growth deteriorates. The predictability of consumption growth combined with the recursive preference delivers news about future...

Regional knowledge spaces are heterogeneous, and the structure of these knowledge spaces can play a significant role in shaping regional economic performances during economic downturns. This paper explores the relationship between a region’s technological profile and its resilience to...