Portfolio choice over the life-cycle when the stock and labor markets are cointegrated
By: Luca Benzoni, Pierre Collin-Dufresne, Robert S. Goldstein
Contributors: Dufresne, Pierre Collin; Goldstein, Robert S.; Federal Reserve Bank of Chicago. Research Department
Series: Working paper series -- WP-2007-11; Working paper series (Federal Reserve Bank of Chicago. Research Department : Online) -- WP-2007-11.
Publisher: Federal Reserve Bank of Chicago
Published: 2007
Place of publication: Chicago, Ill.]
Language: eng
Format: [electronic resource] /
Description: "We study portfolio choice when labor income and dividends are cointegrated.  Economically plausible calibrations suggest young investors should take substantial short positions in the stock market.  Because of cointegration the young agent's human capital effectively becomes"--Federal Reserve Bank of Chicago web site.
Notes: Title from PDF file as viewed on 12/17/2007.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.