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- W2022388102 abstract "The STAR model is used to characterize the time series of aggregate consumption. It makes smooth transition from one optimal level to another, as heterogeneous individuals reach their optimal revision points over time. These results suggest that consumption adjustment costs and heterogeneity among investors are responsible for the empirical failure of the consumption-based CAPM." @default.
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- W2022388102 title "Smooth transition in aggregate consumption" @default.
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- W2022388102 doi "https://doi.org/10.1080/13504850110094478" @default.
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