| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14200 |
| DP14200 How the Wealth Was Won: Factor Shares as Market Fundamentals | |
| Martin Lettau; Sydney Ludvigson; Dan Greenwald | |
| 发表日期 | 2019-12-13 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. From the beginning of 1989 to the end of 2017, 23 trillion dollars of real equity wealth was created by the nonfinancial corporate sector. We estimate that 54% of this increase was attributable to a reallocation of rents to shareholders in a decelerating economy. Economic growth accounts for just 24%, followed by lower interest rates (11%) and a lower risk premium (11%). From 1952 to 1988 less than half as much wealth was created, but economic growth accounted for 92% of it. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp14200 |
| 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/543088 |
| 推荐引用方式 GB/T 7714 | Martin Lettau,Sydney Ludvigson,Dan Greenwald. DP14200 How the Wealth Was Won: Factor Shares as Market Fundamentals. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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