The equity premium puzzle: a review
In: Foundation and trends in finance 2.2006,1
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In: Foundation and trends in finance 2.2006,1
In: Research Department staff report
In: Federal Reserve Bank of Minneapolis 81
"Restrictions that general equilibrium theory place upon average returns are found to be strongly violated by the U.S. data in the 1889-1978 period. This result is robust to model specification and measurement problems. We conclude that equilibrium models which are not Arrow-Debreu economies are needed to rationalize the large average equity premium that prevailed during the last 90 years"--Federal Reserve Bank of Minneapolis web site
In: NBER Working Paper No. w19146
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In: NBER Working Paper No. w16061
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In: Journal of economic dynamics & control, Band 26, Heft 7-8, S. 1069-1074
ISSN: 0165-1889
In: NBER Working Paper No. w22020
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In: Journal of economic dynamics & control, Band 26, Heft 5, S. 869-887
ISSN: 0165-1889
In: IMF Working Paper, S. 1-32
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In: NBER Working Paper No. w25519
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Working paper