Sources of Entropy in Representative Agent Models
---- Acknowledgements -----
We have received helpful advice from many people, including Adam Brandenburger, Lars Hansen, Christian Heyerdahl-Larsen, Hanno Lustig, Ian Martin, Andrea Tamoni, Harald Uhlig, and participants in seminars at, and conferences sponsored by, AHL, Columbia, CREATES/SoFiE, Duke, ECB, Federal Reserve, Geneva, IE Business School, LSE, LUISS Guido Carli University, Minnesota, NYU, Reading, SED, and SIFR. We thank all of them. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.