文章基本信息

标题：Asset pricing, habit memory, and the labor market
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作者：Ivan Jaccard
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：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 speci􀀟cation of internal habit in the mix of consumption and leisure which minimizes the wealth e􀀞ect 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.
关键词：Equity Premium Puzzle; Labor Supply; Adjustment;Costs.