An intertemporal general equilibrium model of asset prices with labor input |
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Authors: | Yang Yunhong |
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Institution: | (1) College of Mathematical Sciences, Wuhan University, 430072 Wuhan, China |
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Abstract: | This paper develops the CIR model. In this model, labor is introduced in the production function and leisure in the direct
utility function. We examine how the trade-off between labor and leisure would affect asset prices and derive a familiar principal
partial differential equation which asset prices must satisfy. The solution of this equation gives the equilibrium price of
any asset in terms of the underlying real variables in economy.
Yang Yunhong: born in 1971, Ph. D |
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Keywords: | asset price equilibrium labor leisure |
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