because expected future cash-flow growth varies with the discount rates. The traditional Macaulay duration captures the effect … from the discount-rate channel. I propose a novel duration measure, the effective equity duration, to capture the effects … is hump-shaped because expected future cash flow growth increases with the discount rates. The effective equity duration …

expected duration of the ZLB increases, whether because economic conditions are worse or because monetary policy changes … interest rate news term alone, the expected duration of the ZLB should increase the sensitivity of stocks to macroeconomic news …. The data furthermore suggests that the expected duration of the ZLB decreases the magnitude of the cash flow plus risk …