Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
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Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of this decline, (1) the return on private capital has remained stable or even increased, creating an increasing wedge with safe interest rates; (2) stock market valuation ratios have increased only
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美国国家经济研究局创建时间：
2018-11-01
