| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23127 |
| 来源ID | Working Paper 23127 |
| Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares | |
| Ricardo J. Caballero; Emmanuel Farhi; Pierre-Olivier Gourinchas | |
| 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 insights into the economic forces that might be at work. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w23127 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580801 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Emmanuel Farhi,Pierre-Olivier Gourinchas. Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23127.pdf（525KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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