Uncertainty or Frictions? A Quantitative Model of Scarce Safe Assets
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Why did the real interest rate decline and the equity premium increase over the last 30 years? This paper assesses the role of uncertainty and credit market frictions. We quantify a model with heterogeneous households using data on asset prices and macro aggregates, as well as on households' debt
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美国国家经济研究局创建时间：
2024-03-01
