This paper evaluates the central insight of the Consumption Capital Asset Pricing Model (CCAPM) that an asset …'s expected return is determined by its equilibrium risk to consumption. Rather than measure the risk of a portfolio by the … contemporaneous covariance of its return and consumption growth - as done in the previous literature on the CCAPM and the pattern of …

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on … financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

for the extent of cross‐country asymmetries in aggregate consumption responses to changes in the real interest rate …. Across groups with different housing tenure, we find that the consumption response of homeowners to interest rate changes …

I show that an expansion of student loan supply affects parents' saving decisions and portfolio allocation. By … exploiting policy-induced variation on expected student aid, I find a 2.2 pp increase in the parental saving rate, from 4.9% to 6 … reform. The positive saving response is largest among lower- and middle-income families, in areas with higher average college …

health care policy uncertainty (HCPU) on two channels of households' economic behavior: consumption and portfolio choice …