pertaining to the macroeconomic environment and momentum. Furthermore, the findings reject the conventional wisdom that the …

flow predictability of the public debt-to-GDP ratio can not be consumed by the popular consumption-to-wealth ratio (cay … predictability recently documented by Rangvid et al. (2014) and Maio et al. (2015). To rationalize the finding, we propose a …

We re-examine dividend growth and return predictability evidence using 165 years of data from the Brussels Stock … returns and that expected dividend growth is only weakly forecastable. However, we find robust dividend growth predictability … evidence. Furthermore, we find return predictability in the post–World War II period when we adjust the dividend yields for …

This paper develops a general equilibrium model to examine the quantitative effects of speculative bubbles on capital … late 1990s. The welfare cost of speculative bubbles depends crucially on parameter values. Bubbles can improve welfare if …, the welfare cost of bubbles is large, typically exceeding one percent of annual consumption …