; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Implications of Security Market Data for Models of Dynamic Economies"; ; "batchuser@example.com"; "Hansen, Lars Peter", "Jagannathan, Ravi"; "Federal Reserve Bank of Minneapolis"; "G12 - Asset Pricing; Trading Volume; Bond Interest Rates", "C52 - Model Evaluation, Validation, and Selection", "D11 - Consumer Economics: Theory"; "We show how to use security market data to restrict the admissible region for means and standard deviations of _intertemporal marginal rates of substitution_ (IMRS’s) of consumers. Our approach is (i) nonparametric and applies to a rich class of models of dynamic economies; (ii) characterizes the duality between the mean-standard deviation frontier for IMRS’s and the familiar mean-standard deviation frontier for asset returns; and (iii) exploits the restriction that IMRS’s are positive random variables. The region provides a convenient summary of the sense in which asset market data are anomalous from the vantage point of intertemporal asset pricing theory. "^^; "1990-04-01"; "2019-05-21T19:14:42.87391884+00:00"^^; "https://doi.org/10.21034/dp.29"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:47:25 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "316", "365"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "029"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Journal of Political Economy_ (Vol. 99, No. 2, April 1991, pp. 225-262) https://doi.org/10.1086/261749."^^; ; "Publication" . ; .