An Investigation of Asset Pricing Puzzles with Cyclical Risk Aversion and Intertemporal Substitution

An Investigation of Asset Pricing Puzzles with Cyclical Risk Aversion and Intertemporal Substitution
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ISBN-10 : OCLC:654169265
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The main message of this paper is that it is Elasticity of Intertemporal Substitution, which is at the heart of the asset pricing puzzles, not Risk Aversion. We