BIS investigates drivers in US stock market
A Bank for International Settlements paper published on Tuesday investigates the main drivers of fluctuations in the US stock market.
Quantifying the contributions of future dividends and their expected rates of return in explaining the observed fluctuations in the aggregate stock market is one of the greatest challenges that asset pricing has been confronted with for the past few decades, Stefan Avdjiev and Nathan Balke, the paper's authors, claim.
Avdjiev and Balke estimate a consumption-based
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