文件大小:未知
级别评定:★★★★★
添加时间:2015-12-21 00:19:57
最后更新:2015-12-21 01:08:56
下载积分:0分 (只有会员文件下载时才需要相应积分验证)
总浏览:
总下载:3
发布人:george15135
Three mutually uncorrelated economic disturbances that we measure empirically explain 85% of the quarterly variation in real stock market wealth since 1952. A model is employed to interpret these disturbances in terms of three latent primitive shocks. In the short run, shocks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the market. In the long run, the market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks play a small role in historical stock market fluctuations at all horizons.