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Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

Citations

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Cited by:

  1. Gauti B. Eggertsson & Sergey K. Egiev, 2024. "Liquidity Traps: A Unified Theory of the Great Depression and Great Recession," NBER Working Papers 33195, National Bureau of Economic Research, Inc.
  2. Bandi, Federico M. & Bretscher, Lorenzo & Tamoni, Andrea, 2023. "Return predictability with endogenous growth," Journal of Financial Economics, Elsevier, vol. 150(3).
  3. Francisco Louçã, 2021. "As time went by - why is the long wave so long?," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 749-771, July.
  4. Verónica Bäcker-Peral & Jonathon Hazell & Atif R. Mian, 2023. "Dynamics of the Long Term Housing Yield: Evidence from Natural Experiments," NBER Working Papers 31760, National Bureau of Economic Research, Inc.
  5. Philippe Aghion & Antonin Bergeaud & Timo Boppart & Peter J Klenow & Huiyu Li, 2023. "A Theory of Falling Growth and Rising Rents," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(6), pages 2675-2702.
  6. Olivier Blanchard, 2019. "Public Debt and Low Interest Rates," American Economic Review, American Economic Association, vol. 109(4), pages 1197-1229, April.
  7. Piguillem, Facundo & Ordoñez, Guillermo, 2020. "Savings Rates: Up or Down?," CEPR Discussion Papers 14662, C.E.P.R. Discussion Papers.
  8. Coimbra, Nuno & Kim, Daisoon & Rey, Hélène, 2022. "Central Bank Policy and the concentration of risk: Empirical estimates," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 182-198.
  9. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "Indebted Demand," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 136(4), pages 2243-2307.
  10. Challe, Edouard & Matvieiev, Mykhailo, 2024. "On natural interest rate volatility," European Economic Review, Elsevier, vol. 167(C).
  11. François Gourio, 2019. "Has Business Fixed Investment Really Been Unusually Low?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
  12. Adriana Grasso & Juan Passadore & Facundo Piguillem, 2024. "The Macroeconomics of Hedging Income Shares," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 54, October.
  13. Satyajit Chatterjee & Burcu Eyigungor, 2019. "The Firm Size and Leverage Relationship and Its Implications for Entry and Concentration in a Low Interest Rate World," Working Papers 19-18, Federal Reserve Bank of Philadelphia.
  14. Barış Kaymak & Immo Schott, 2023. "Corporate Tax Cuts and the Decline in the Manufacturing Labor Share," Econometrica, Econometric Society, vol. 91(6), pages 2371-2408, November.
  15. Janice C. Eberly & James H. Stock & Jonathan H. Wright, 2020. "The Federal Reserve's Current Framework for Monetary Policy: A Review and Assessment," International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 5-71, February.
  16. Atkeson, Andy & Heathcote, Jonathan & Perri, Fabrizio, 2022. "The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States," CEPR Discussion Papers 17268, C.E.P.R. Discussion Papers.
  17. Andrea L. Eisfeldt & Antonio Falato & Mindy Z. Xiaolan, 2023. "Human Capitalists," NBER Macroeconomics Annual, University of Chicago Press, vol. 37(1), pages 1-61.
  18. Ernest Liu & Atif Mian & Amir Sufi, 2022. "Low Interest Rates, Market Power, and Productivity Growth," Econometrica, Econometric Society, vol. 90(1), pages 193-221, January.
  19. Sergeyev, Dmitriy & Mehrotra, Neil, 2020. "Debt Sustainability in a Low Interest Rate World," CEPR Discussion Papers 15282, C.E.P.R. Discussion Papers.
  20. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.
  21. Günter Coenen & Carlos Montes‐Galdón & Frank Smets, 2023. "Effects of State‐Dependent Forward Guidance, Large‐Scale Asset Purchases, and Fiscal Stimulus in a Low‐Interest‐Rate Environment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 825-858, June.
  22. Anton Bobrov & James Traina, 2024. "The beginning of the trend: Interest rates, profits, and markups," Economics Bulletin, AccessEcon, vol. 44(3), pages 1024-1033.
  23. Ellen McGrattan, 2023. "Taxes, Regulations, and the Value of U.S. Corporations: A Reassessment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 50, pages 131-145, October.
  24. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
  25. Strauss, Ilan & Yang, Jangho, 2024. "Testing for secular stagnation in investment rates using a Bayesian multilevel model," Structural Change and Economic Dynamics, Elsevier, vol. 70(C), pages 351-364.
  26. Adrien Auclert & Hannes Malmberg & Frederic Martenet & Matthew Rognlie, 2021. "Demographics, Wealth, and Global Imbalances in the Twenty-First Century," NBER Working Papers 29161, National Bureau of Economic Research, Inc.
  27. Dmitry Matveev & Julien McDonald-Guimond & Rodrigo Sekkel, 2020. "The neutral rate in Canada: 2020 update," Staff Analytical Notes 2020-24, Bank of Canada.
  28. Elmar Dönnebrink & Nils Grevenbrock, 2022. "Sustainability gap of public debt: importance of interest rates and a new decomposition with premia," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1009-1030, November.
  29. Guillermo Ordonez & Facundo Piguillem, 2022. "Saving Rates and Savings Ratios," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 365-381, October.
  30. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2020. "The Expected Return on Risky Assets: International Long-run Evidence," CEPR Discussion Papers 15610, C.E.P.R. Discussion Papers.
  31. Alessandro Villa, 2022. "Credit Misallocation and Macro Dynamics with Oligopolistic Financial Intermediaries," Working Paper Series WP 2022-41, Federal Reserve Bank of Chicago.
  32. Carlos Carvalho & Andrea Ferrero & Felipe Mazin & Fernanda Nechio, 2023. "Demographics and Real Interest Rates Across Countries and Over Time," Working Paper Series 2023-32, Federal Reserve Bank of San Francisco.
  33. Fernando Broner & Alberto Martin & Jaume Ventura, 2021. "On Public Spending and Economic Unions," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 122-154, March.
  34. Eggertsson, Gauti B. & Robbins, Jacob A. & Wold, Ella Getz, 2021. "Kaldor and Piketty’s facts: The rise of monopoly power in the United States," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 19-38.
  35. Guillermo Ordoñez & Facundo Piguillem, 2020. "Savings and Saving Rates: Up or Down?," NBER Working Papers 27179, National Bureau of Economic Research, Inc.
  36. de Ridder, Maarten, 2019. "Market power and innovation in the intangible economy," LSE Research Online Documents on Economics 100946, London School of Economics and Political Science, LSE Library.
  37. Gianluca Benigno & Luca Fornaro & Martin Wolf, 2019. "The global financial resource curse," Economics Working Papers 1803, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2023.
  38. Matthew Rognlie, 2018. "Comment on "Accounting for Factorless Income"," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 235-248, National Bureau of Economic Research, Inc.
  39. Nitschka, Thomas & Satkurunathan, Shajivan, 2021. "Habits die hard: implications for bond and stock markets internationally," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242358, Verein für Socialpolitik / German Economic Association.
  40. Cairó, Isabel & Sim, Jae, 2024. "Market power, inequality, and financial instability," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
  41. Juan E. Jacobo, 2022. "Back to the Surplus: An Unorthodox Neoclassical Model of Growth, Distribution and Unemployment with Technical Change," Papers 2211.14978, arXiv.org.
  42. Vladimir Asriyan & Luca Fornaro & Alberto Martin & Jaume Ventura, 2021. "Monetary Policy for a Bubbly World [Money and Capital in a Persistent Liquidity Trap]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(3), pages 1418-1456.
  43. Andreas Fagereng & Matthieu Gomez & Emilien Gouin-Bonenfant & Martin Holm & Benjamin Moll & Gisle Natvik, 2023. "Asset-Pricing Redistribution," Working Papers 02/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
  44. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
  45. Heylen, Freddy & Mareels, Marthe & Van Langenhove, Christophe, 2024. "Long-run perspectives on r-g in OECD countries: An empirical analysis," Journal of International Money and Finance, Elsevier, vol. 145(C).
  46. Kaan Celebi & Werner Roeger & Paul J. J. Welfens, 2024. "Persistent US Current Account Deficit: The Role of Foreign Direct Investment," Discussion Papers of DIW Berlin 2074, DIW Berlin, German Institute for Economic Research.
  47. Boppart, Timo & Li, Huiyu, 2021. "Productivity slowdown: reducing the measure of our ignorance," CEPR Discussion Papers 16478, C.E.P.R. Discussion Papers.
  48. Sebastian Di Tella & Robert E. Hall, 2020. "Risk Premium Shocks Can Create Inefficient Recessions," NBER Working Papers 26721, National Bureau of Economic Research, Inc.
  49. Lukasz Rachel & Lawrence H. Summers, 2019. "On Secular Stagnation in the Industrialized World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 1-76.
  50. Mumtaz Ahmad & John Fernald & Hashmat Khan, 2019. "Returns to Scale in U.S. Production, Redux," Carleton Economic Papers 19-07, Carleton University, Department of Economics.
  51. Gunther Tichy, 2019. "The Neglected Mass Saving. The Economic Consequences of Increasing Intermediation," WIFO Bulletin, WIFO, vol. 24(17), pages 153-166, December.
  52. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
  53. Philippe Andrade & Jordi Gali & Herve Le Bihan & Julien Matheron, 2019. "The Optimal Inflation Target and the Natural Rate of Interest," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(2 (Fall)), pages 173-255.
  54. Joel M. David & Romain Ranciere & David Zeke, 2023. "International Diversification, Reallocation, and the Labor Share," Working Paper Series WP 2023-16, Federal Reserve Bank of Chicago.
  55. Strauss, Ilan & Yang, Jangho, 2021. "Slowing investment rates in developing economies: Evidence from a Bayesian hierarchical model," International Review of Financial Analysis, Elsevier, vol. 77(C).
  56. Ufuk Akcigit & Sina T. Ates, 2023. "What Happened to US Business Dynamism?," Journal of Political Economy, University of Chicago Press, vol. 131(8), pages 2059-2124.
  57. Simon Loretz & Hans Pitlik & Margit Schratzenstaller-Altzinger, 2021. "Bundeshaushalt und Staatsschuld in der COVID-19-Krise. Bundesvoranschlag 2021 und Mittelfristiger Finanzrahmen 2021 bis 2024," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(1), pages 53-65, January.
  58. Jacopo Bonchi, 2023. "Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 186-203, January.
  59. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
  60. Daniel L. Greenwald & Martin Lettau & Sydney C. Ludvigson, 2019. "How the Wealth Was Won: Factor Shares as Market Fundamentals," NBER Working Papers 25769, National Bureau of Economic Research, Inc.
  61. Marx, Magali & Mojon, Benoît & Velde, François R., 2021. "Why have interest rates fallen far below the return on capital?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 57-76.
  62. Strauss, Ilan & Yang, Jangho, 2020. "Corporate Secular Stagnation: Empirical Evidence on the Advanced Economy Investment Slowdown," INET Oxford Working Papers 2019-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
  63. Valerie Vandermeulen & Werner Roeger, 2021. "Trend Capital when Goods and Capital Market Frictions Exist," European Economy - Discussion Papers 145, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  64. Ufuk Akcigit & Sina T. Ates, 2021. "Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(1), pages 257-298, January.
  65. Thomas J. Carter & Xin Scott Chen & José Dorich, 2019. "Le taux neutre au Canada : mise à jour de 2019," Staff Analytical Notes 2019-11fr, Bank of Canada.
  66. Emmanuel Farhi & François Gourio, 2019. "What is Driving the Return Spread Between “Safe” and “Risky” Assets?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
  67. Guihai Zhao, 2020. "Learning, Equilibrium Trend, Cycle, and Spread in Bond Yields," Staff Working Papers 20-14, Bank of Canada.
  68. Janice C. Eberly, 2019. "Comment on "From Good to Bad Concentration? US Industries over the Past 30 Years"," NBER Chapters, in: NBER Macroeconomics Annual 2019, volume 34, pages 47-54, National Bureau of Economic Research, Inc.
  69. Satyajit Chatterjee & Burcu Eyigungor, 2020. "The Firm Size and Leverage Relationship and Its Implications for Entry and Business Concentration," Working Papers 20-29, Federal Reserve Bank of Philadelphia.
  70. Filippo Passerini, 2022. "Monopsony in labor markets: Empirical evidence from Italian firms," French Stata Users' Group Meetings 2022 24, Stata Users Group.
  71. Mehrotra, Neil R. & Sergeyev, Dmitriy, 2021. "Debt sustainability in a low interest rate world," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 1-18.
  72. Morlacco, Monica & Zeke, David, 2021. "Monetary policy, customer capital, and market power," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 116-134.
  73. Michau, Jean-Baptiste & Ono, Yoshiyasu & Schlegl, Matthias, 2023. "Wealth preference and rational bubbles," European Economic Review, Elsevier, vol. 156(C).
  74. Jacopo Bonchi, 2023. "Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 186-203, January.
  75. Andy Atkeson, 2020. "Alternative Facts Regarding the Labor Share," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 167-180, August.
  76. James Bootsma & Thomas J. Carter & Xin Scott Chen & Christopher Hajzler & Argyn Toktamyssov, 2020. "2020 US Neutral Rate Assessment," Discussion Papers 2020-12, Bank of Canada.
  77. Robert Barsky & Matthew Easton, 2021. "The global saving glut and the fall in U.S. real interest rates: A 15-year retrospective," Economic Perspectives, Federal Reserve Bank of Chicago, issue EP-2021-1, pages 1-15, March.
  78. Has van Vlokhoven, 2024. "Estimating the Cost of Capital and the Profit Share," The Economic Journal, Royal Economic Society, vol. 134(661), pages 2175-2206.
  79. Cappiello, Lorenzo & Holm-Hadulla, Fédéric & Maddaloni, Angela & Mayordomo, Sergio & Unger, Robert & Arts, Laura & Meme, Nicolas & Asimakopoulos, Ioannis & Migiakis, Petros & Behrens, Caterina & Moura, 2021. "Non-bank financial intermediation in the euro area: implications for monetary policy transmission and key vulnerabilities," Occasional Paper Series 270, European Central Bank.
  80. Lawrence Mishel & Josh Bivens, 2021. "The Productivity-Median Compensation Gap in the United States: The Contribution of Increased Wage Inequality and the Role of Policy Choices," International Productivity Monitor, Centre for the Study of Living Standards, vol. 41, pages 61-97, Fall.
  81. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
  82. Ansgar Rannenberg & Thomas Theobald, 2022. "Income inequality and the German export surplus," Working Paper Research 424, National Bank of Belgium.
  83. Gunther Tichy, 2019. "Das vernachlässigte Massensparen. Die wirtschaftspolitischen Folgen zunehmender Intermediation," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(8), pages 583-597, August.
  84. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.
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