Arbeitspapier
Asset pricing, habit memory, and the labor market
This article studies the asset pricing and the business cycle implications of habit formation in a production economy with capital adjustment costs and endogenous labor supply. A specification of internal habit in the mix of consumption and leisure which minimizes the wealth effect on labor supply is introduced into an otherwise standard real business cycle model. This mechanism enhances the model’s ability to explain asset pricing puzzles.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1163
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Business Fluctuations; Cycles
Time Allocation and Labor Supply
- Thema
-
adjustment costs
equity premium puzzle
Labor supply
Equity-Premium-Puzzle
Arbeitsmarkt
CAPM
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jaccard, Ivan
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Jaccard, Ivan
- European Central Bank (ECB)
Entstanden
- 2010
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