全球智库信息集成服务系统(G2TT): DP11833 Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11833
	DP11833 Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares
	Emmanuel Farhi; Pierre-Olivier Gourinchas; Ricardo Caballero
发表日期	2017-02-06
出版年	2017
语种	英语
摘要	The secular decline in safe interest rates since the early 1980s has been the subject of considerable attention. In this short paper, we argue that it is important to consider the evolution of safe real rates in conjunction with three other first-order macroeconomic stylized facts: the relative constancy of the real return to productive capital, the decline in the labor share, and the decline and subsequent stabilization of the earnings yield. Through the lens of a simple accounting framework, these four facts offer suggestive insights into the economic forces that might be at work.
主题	Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth
关键词	Labor share Rents Risk premia Technical change Automation
URL	https://cepr.org/publications/dp11833
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540646
推荐引用方式 GB/T 7714	Emmanuel Farhi,Pierre-Olivier Gourinchas,Ricardo Caballero. DP11833 Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares. 2017.