Before revision:  We derive this model from microfoundations, provide its empirical verification including market return prediction (backtested and live-track) , demonstrate that it contains the efficient market as a particular regime and establish a link through which economic models can be attached for the study of economy-market interaction.
After revision:  We derive this model from microfoundations, provide its empirical verification , demonstrate that it contains the efficient market as a particular regime and establish a link through which economic models can be attached for the study of economy-market interaction.