Affiliation:
1. Federal Reserve Bank of San Francisco and University of California, Davis
2. Deutsche Bundesbank
3. University of Bonn
4. University of Bonn and Centre for Economic Policy Research
5. University of California, Davis; National Bureau of Economic Research; and Centre for Economic Policy Research
Abstract
Abstract
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 data set for all major asset classes, including 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 findings and puzzles.
Funder
Bundesministerium für Bildung und Forschung
Institute for New Economic Thinking
Bank of England
Reserve Bank of New Zealand
Cornell University
New York University
University of Chicago Booth School of Business
Publisher
Oxford University Press (OUP)
Subject
Economics and Econometrics
Cited by
270 articles.
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