5 pages matching preferences from constant in this book
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alternative measure alternative specifications alternative stochastic processes autarky CAPM Cole and Obstfeld conditional convergence consumption dynamics defined consumption growth consumption path consumption stochastic process consumption variance consumption volatility derive the welfare discount rate economy elasticity of intertemporal follows a geometric gains from international gains from risk gains from risksharing gains of policies geometric Brownian motion geometric Brownian processes growth and variance implicit risk-free interest increase in consumption individuals are indifferent international risksharing intertemporal substitution Kreps-Porteus preferences Lucas marginal utility mean-reverting coefficient measure of welfare modify the stochastic motion with drift non-stationary processes OECD Orstein-Ulhenbeck mean-reverting processes partial equilibrium per-capita consumption follows percent points of consumption policies that modify potential welfare gains preferences from constant preferences to Kreps-Porteus processes from geometric processes to Orstein-Ulhenbeck Proof of Proposition relative risk aversion representative US consumer risk sharing risk-free interest rate stationary processes stochastic process followed Tesar Wincoop World Bank