EconPapers    
Economics at your fingertips  
 

Asset Pricing in a Macroeconomic Context

Henning Bohn ()

Rodney L. White Center for Financial Research Working Papers from Wharton School Rodney L. White Center for Financial Research

Abstract: This paper develops a framework that integrates macroeconomic analysis and consumption-oriented asset valuation. All behavioral relations and valuation formulae are derived as results of optimal decisions of individuals or firms. Using the endogeneity of consumption and returns in the macroeconomic context, it is shown how the valuation premia on stocks and nominal bonds relative to riskfree indexed bonds depend on the fundamental stochastic shocks to technology and preferences.

References: Add references at CitEc
Citations: Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Asset Pricing in a Macroeconomic Context
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fth:pennfi:8-87

Access Statistics for this paper

More papers in Rodney L. White Center for Financial Research Working Papers from Wharton School Rodney L. White Center for Financial Research Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().

 
Page updated 2022-08-11
Handle: RePEc:fth:pennfi:8-87