I examine the implications of learning-based asset pricing in a model in which firms face credit constraints that depend partly on their market value. Agents le

We develop a model which accounts for the observed equity premium and average risk free rate, without implying counterfactually high risk aversion. The model al

An introduction to the theory and methods of empirical asset pricing, integrating classical foundations with recent developments. This book offers a comprehensi

Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are k