| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12509 |
| DP12509 The Rate of Return on Everything, 1870-2015 | |
| Alan M. Taylor; Katharina Knoll; Moritz Schularick; Oscar Jorda | |
| 发表日期 | 2017-12-14 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive dataset for all major asset classes, including—for the first time—total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new insights and puzzles. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Return on capital Interest rates Yields Dividends Rents Capital gains Risk premiums Household wealth Housing markets |
| URL | https://cepr.org/publications/dp12509 |
| 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/541320 |
| 推荐引用方式 GB/T 7714 | Alan M. Taylor,Katharina Knoll,Moritz Schularick,et al. DP12509 The Rate of Return on Everything, 1870-2015. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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