Add to ORKGStock market price/earnings ratios should be influenced by demography. Since demography is predictable, stock returns should be as well. We provide a simple stochastic OLG model with a cyclical structure that generates cyclical P/E ratios. We calibrate the model to roughly fit the cyclical features of historical P/E ratios
The use of price–earnings ratios and dividend-price ratios as forecasting variables for the stock ma...
Do investors pay enough attention to long-term fundamentals? We consider the case of demographic inf...
Using annual data for 1872-1997, this paper re-examines the predictability of real stock prices base...
Stock market price/earnings ratios should be influenced by demography. Since demography is predictab...
This paper was begun during a visit at the Cowles Foundation in Fall 2000 and revised during a visit...
THE SECULAR MOVEMENT OF the U.S. stock market in the postwar period has been characterized by three ...
This paper illustrates how the information component determining long-horizon US stock market return...
During the twentieth century, the U.S. witnessed a cyclical birth rate. This in turn shaped the evol...
This paper was begun during a visit at the Cowles Foundation in Fall 2000 and revised during a visit...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, dp_{t...
This paper examines the consequences for the term structure of stock market risk of the significance...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, DPt ,...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, DPt, ...
A linear link between S&P 500 return and the change rate of the number of nine-year-olds in the USA ...
This paper studies the relation between demographics and the equity premium in a dynamic overlapping...
The use of price–earnings ratios and dividend-price ratios as forecasting variables for the stock ma...
Do investors pay enough attention to long-term fundamentals? We consider the case of demographic inf...
Using annual data for 1872-1997, this paper re-examines the predictability of real stock prices base...
Stock market price/earnings ratios should be influenced by demography. Since demography is predictab...
This paper was begun during a visit at the Cowles Foundation in Fall 2000 and revised during a visit...
THE SECULAR MOVEMENT OF the U.S. stock market in the postwar period has been characterized by three ...
This paper illustrates how the information component determining long-horizon US stock market return...
During the twentieth century, the U.S. witnessed a cyclical birth rate. This in turn shaped the evol...
This paper was begun during a visit at the Cowles Foundation in Fall 2000 and revised during a visit...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, dp_{t...
This paper examines the consequences for the term structure of stock market risk of the significance...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, DPt ,...
This paper documents the existence of a slowly evolving trend in the log dividend-price ratio, DPt, ...
A linear link between S&P 500 return and the change rate of the number of nine-year-olds in the USA ...
This paper studies the relation between demographics and the equity premium in a dynamic overlapping...
The use of price–earnings ratios and dividend-price ratios as forecasting variables for the stock ma...
Do investors pay enough attention to long-term fundamentals? We consider the case of demographic inf...
Using annual data for 1872-1997, this paper re-examines the predictability of real stock prices base...