Asset Pricing Tests with Long Run Risks in Consumption Growth
---- Acknowledgements -----
We thank Ravi Bansal, Alan Bester, John Campbell, Raj Chakrabarti, John Cochrane, Eugene Fama, Lars Hansen, Christian Julliard, Dana Kiku, Ralph Koijen, Oliver Linton, Sydney Ludvigson, Alex Michaelides, Lubos Pastor, Annette Vissing-Jorgensen, and Amir Yaron for helpful comments. We remain responsible for errors and omissions. Constantinides acknowledges financial support from the The Center for Research in Security Prices of the University of Chicago Booth School of Business. Ghosh acknowledges financial support from the London School of Economics. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.