The representative agent model (RA) has dominated macroeconomics for the last thirty years. This model does a reasonably good job of explaining the co-movements of consumption, investment, GDP and employment during normal times. But it cannot easily explain movements in asset prices. Two facts...

The representative agent model (RA) has dominated macroeconomics for the last thirty years. This model does a reasonably good job of explaining the co-movements of consumption, investment, GDP and employment during normal times. But it cannot easily explain movements in asset prices. Two facts...

This paper examines if firms in the United States with quality training programs can enjoy above-the-market-average benefits and performance by analyzing risk premiums and risk-adjusted excess returns of a portfolio of public firms in the United States, which are ranked consecutively from 2006...