The Rate of Return on Everything, 1870–2015
Oscar Jorda,
Katharina Knoll,
Dmitry Kuvshinov,
Moritz Schularick and
Alan Taylor
The Quarterly Journal of Economics, 2019, vol. 134, issue 3, 1225-1298
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 data set 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.
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (130)
Downloads: (external link)
http://hdl.handle.net/10.1093/qje/qjz012 (application/pdf)
Access to full text is restricted to subscribers.
Related works:
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) 
Working Paper: The Rate of Return on Everything, 1870–2015 (2017) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:oup:qjecon:v:134:y:2019:i:3:p:1225-1298.
Ordering information: This journal article can be ordered from
https://academic.oup.com/journals
Access Statistics for this article
The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva
More articles in The Quarterly Journal of Economics from President and Fellows of Harvard College
Bibliographic data for series maintained by Oxford University Press ().