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alternative specifications of individu-als' risk preferences and using alternative specifications of the stochastic process for per capita consumption. I find that for a class of preferences used by Epstein Ž Ž. . and Zin J. Monetary Econom. 26 1990 , 387᎐407 , in an analysis of the equity premium puzzle, which display ''first-order'' risk aversion, the(More)
How did the Federal Reserve Bank react to the stock market bubble of the late 1990s? At a Symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming on August 30, 2002, Chairman Alan Greenspan remarked that economists do not currently have a way to measure a stock market bubble convincingly. He also argued that in the absence of(More)
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