Risk Premia and Term Premia in General Equilibrium
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The equity premium consists of a term premium reflecting the longer maturity of equity relative to short-term bills, and a risk premium reflecting the stochastic nature of equity payoffs and the deterministic nature of payoffs on reckless bills. This paper analyzes term premia and the risk premia in
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美国国家经济研究局创建时间：
1998-08-01
