| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25282 |
| 来源ID | Working Paper 25282 |
| Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia | |
| Emmanuel Farhi; François Gourio | |
| 发表日期 | 2018-11-26 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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 moderately; (3) investment has been lackluster. We use a simple extension of the neoclassical growth model to diagnose the nexus of forces that jointly accounts for these developments. We find that rising market power, rising unmeasured intangibles, and rising risk premia, play a crucial role, over and above the traditional culprits of increasing savings supply and technological growth slowdown. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w25282 |
| 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/582956 |
| 推荐引用方式 GB/T 7714 | Emmanuel Farhi,François Gourio. Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia. 2018. |
| 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 | ||
| w25282.pdf（443KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
