haku: @indexterm fixed costs / yhteensä: 59
viite: 11 / 59
| Tekijä: | Luttmer, E. |
| Otsikko: | What level of fixed costs can reconcile consumption and stock returns? |
| Lehti: | Journal of Political Economy
1999 : OCT, VOL. 107:5, p. 969-997 |
| Asiasana: | POLITICAL ECONOMY STOCK RETURNS FIXED COSTS |
| Kieli: | eng |
| Tiivistelmä: | This paper proposes a lower bound on the level of fixed transaction costs that is required for observations on consumption choices to be consistent with data on asset returns and a given set of preferences. The bound is derived from necessary conditions for the optimality of consumption choices in the presence of fixed transaction costs. These conditions reduce to standard Euler equations when transaction costs are zero. |
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