¹⁷Leaving aside their assumptions about the marginal utility function and liquidity constraints, it is tempting to view this as a special case of the model of MST, with the $ℛt+1 = R∕Γ t+1$ (deﬁned below equation (5)) corresponding to their stochastic rate of return on capital and the FVAF $1−ρ βΓt+1$ deﬁned below (32) corresponding to their stochastic discount factor. But a caveat is that, here, $ℛt+1$ and the modiﬁed discount factor are intimately related because $Γ t+1$ plays a role in each.