NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Wealth-Consumption Ratio

Hanno Lustig, Stijn Van Nieuwerburgh, Adrien Verdelhan

NBER Working Paper No. 13896
Issued in March 2008

---- Acknowledgements -----

This paper circulated before as The Wealth-Consumption Ratio: A Litmus Test for Consumption-Based Asset Pricing Models. The authors would like to thank Dave Backus, Geert Bekaert, John Campbell, John Cochrane, Ricardo Colacito, Pierre Collin-Dufresne, Bob Dittmar, Greg Duffee, Darrell Duffie, Robert Goldstein, Lars Peter Hansen, John Heaton, Dana Kiku, Ralph Koijen, Martin Lettau, Francis Longstaff, Sydney Ludvigson, Thomas Sargent, Kenneth Singleton, Stanley Zin, and participants of the NYU macro lunch, seminars at Stanford GSB, NYU finance, BU, the University of Tokyo, LSE, the Bank of England, FGV, MIT Sloan, Purdue, LBS, Baruch, Kellogg, Chicago GSB, and conference participants at the SED in Prague, the CEPR meeting in Gerzensee, the EFA meeting in Ljubljana, the AFA and AEA meetings in New Orleans, the NBER Asset Pricing meeting in Cambridge, and the NYU Five Star Conference for comments. This work is supported by the National Science Foundation under Grant No 0550910. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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