The Risk-free Rate and the Risk-adjusted Growth Rate
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https://www.nber.org/papers/w35260
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Several important questions such as the possibility of debt-rollover without primary surpluses turn on whether the present value of the aggregate endowment is finite, i.e., whether the economic growth rate under the risk-neutral measure, lies below the risk-free rate. It is tempting to argue that
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美国国家经济研究局创建时间：
2026-06-01
