Li, Erica X. N.; Zha, Tao A.; Zhang, Ji; Zhou, Hao - 2021
negative correlation between consumption and inflation from 1971 to 2000 and the positive one after 2000, and (3) the … stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the … coexistence of positive bond risk premiums and the negative stock-bond return correlation. We show that two distinctive shocks …