The Rate of Return on Everything, 1870–2015

Oscar Jorda, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick and Alan Taylor

No 24112, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive dataset for all major asset classes, including housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new findings and puzzles.

JEL-codes: D31 E10 E44 G10 G12 N10 (search for similar items in EconPapers)
Date: 2017-12
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Published as Òscar Jordà & Katharina Knoll & Dmitry Kuvshinov & Moritz Schularick & Alan M Taylor, 2019. "The Rate of Return on Everything, 1870–2015," The Quarterly Journal of Economics, Oxford University Press, vol. 134(3), pages 1225-1298.

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Related works:
Journal Article: The Rate of Return on Everything, 1870–2015 (2019)
Working Paper: The Rate of Return on Everything, 1870-2015 (2018)
Working Paper: The Rate of Return on Everything, 1870-2015 (2017)
Working Paper: The Rate of Return on Everything, 1870–2015 (2017)
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