Asset pricing: Liquidity, trading, and asset prices

  title={Asset pricing: Liquidity, trading, and asset prices},
  author={John H. Cochrane},
Members of the NBER's Asset Pricing Program produce over 100 working papers in a typical year. These papers are spread over an astonishing range of topic areas. Naming the papers written in the four and a half years since the last program report, let alone providing any sort of intelligible summary of their contents, would quickly fill the available space and exhaust the most dedicated reader's patience. Therefore, I'll describe in depth one area that strikes me as particularly interesting and… CONTINUE READING