Accounting for macro-finance trends: Market power, intangibles, and risk premia
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 moderate...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Brookings Institution Press
2018
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| Online Access: | View Fulltext in Publisher |