Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
真实无风险利率在过去30年呈下降趋势，但私人资本回报率稳定或上升，股市估值比率仅温和增长，投资低迷。本文扩展新古典增长模型，发现市场势力上升、未计量无形资产增加和风险溢价上升是共同解释这些趋势的关键因素。
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) and 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.