The Equity Premium: It's Still a Puzzle

A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle

1989 • 9,360 citations

The equity premium: A puzzle

1985 • 5,686 citations

By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior

1999 • 5,300 citations

Asset Prices in an Exchange Economy

1978 • 5,134 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework

1989 • 4,242 citations

Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence

1978 • 3,343 citations

An intertemporal asset pricing model with stochastic consumption and investment opportunities

1979 • 2,786 citations

Income, Saving and the Theory of Consumer Behavior.

1950 • 2,278 citations

Prices of State-Contingent Claims Implicit in Option Prices

1978 • 2,268 citations

Consumption and Liquidity Constraints: An Empirical Investigation

1989 • 1,944 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis

1991 • 1,765 citations

The Valuation of Uncertain Income Streams and the Pricing of Options

1976 • 1,727 citations

The equity risk premium a solution

1988 • 1,322 citations

Asset Pricing with Heterogeneous Consumers

1996 • 1,248 citations

The risk-free rate in heterogeneous-agent incomplete-insurance economies

1993 • 1,247 citations

The consumption of stockholders and nonstockholders

1991 • 1,223 citations

Finite-Sample Properties of Some Alternative GMM Estimators

1996 • 1,156 citations

The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence

1992 • 1,076 citations

Why do so Few Hold Stocks?

1995 • 1,060 citations

The Equity Premium Puzzle and the Riskfree Rate Puzzle

1989 • 1,038 citations

Empirical Tests of the Consumption‐Oriented CAPM

1989 • 759 citations

A history of interest rates

1963 • 676 citations

Risk-sensitive real business cycles

2000 • 675 citations

Evaluating the effects of incomplete markets on risk sharing nad asset pricing

2010 • 666 citations

Keeping up with the Joneses: Consumption Externalities, Portfolio Choice, and Asset Prices

1994 • 656 citations

The Determinants of the Variability of Stock Market Prices

1981 • 624 citations

Intertemporal asset pricing under knightian uncertainty

2004 • 600 citations

The importance of precautionary motives in explaining individual and aggregate saving

1994 • 500 citations

The equity premium and the concentration of aggregate shocks

1986 • 453 citations

An Empirical Investigation of Asset Pricing with Temporally Dependent Preference Specifications

1995 • 423 citations

Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation

1982 • 366 citations

Asset returns with transactions costs and uninsured individual risk

1991 • 342 citations

Expectations and Volatility of Consumption and Asset Returns

1990 • 335 citations

Asset‐pricing Puzzles and Incomplete Markets

1993 • 333 citations

Asset Pricing in Economies with Frictions

1996 • 323 citations

Asset pricing with undiversifiable income risk and short sales constraints

1994 • 286 citations

Market Frictions and Consumption-Based Asset Pricing

1995 • 246 citations

On the ‘discount’ factor in growth economies

1990 • 151 citations

The real rate of interest from 1800–1990

1992 • 148 citations

Reconsidering the Costs of Business Cycles with Incomplete Markets

1994 • 113 citations

Stocks, bonds, bills, and inflation : historical returns (1926-1987)

1989 • 97 citations

Calibration as Testing: Inference in Simulated Macroeconomic Models

1991 • 92 citations

Stochastic inflation and the equity premium

1989 • 78 citations

Hansen–Jagannathan Bounds as Classical Tests of Asset-Pricing Models

1994 • 71 citations

Leverage, time preference and the ‘equity premium puzzle’

1990 • 68 citations

Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs

1993 • 48 citations

Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations

2016 • 43 citations

On income fluctuations and capital gains

1984 • 24 citations

The equity premium and time-varying risk behavior

1988 • 23 citations

Equilibrium Modeling of Asset Prices: Rationality Versus Rules of Thumb

1990 • 20 citations

A Reconsideration of the Properties of the Generalized Method of Moments in Asset Pricing Models

1994 • 5 citations

Multicountry Comparisons of the Consumption Based Capital Asset Pricing Model: Germany, Japan, and U.S.A.

1994 • 4 citations