Abstract
The Cox, Ingersoll, and Ross (CIR) model proposed a framework for asset pricing in general equilibrium, introducing an explicit description of the macroeconomy into a model of financial markets. The research program started by CIR has been influential and remains highly relevant. In this article, the two authors, both doctoral students of Professor Stephen Ross and one later his colleague at MIT, summarize how the seminal contribution of CIR has seeded their own academic work, with a particular focus on equilibrium analysis of cross-sectional patterns in stock returns.
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