"We examine how parameter learning amplifies the impact of macroeconomic shocks on equity prices and quantities in a standard production economy where a representative agent has Epstein-Zin preferences. An investor observes technology shocks which follow a regime-switching process but does not know the underlying model parameters governing the short-term and long-run perspectives of economic growth. We show that rational parameter learning endogenously generates long-run productivity and consumption risks that help explain a wide array of dynamic pricing phenomena. The asset pricing implications of subjective long-run risks crucially depend on the introduction of a pro-cyclical dividend process consistent with the data." In BABIAK, Mykola. Parameter learning in production economies. Prague: CERGE-EI, 2019. 49 stran. Working paper series, 640. ISBN 978-80-7343-447-2. Zdroj anotace: OKCZ - ANOTACE Z WEBU