NBER

Katharina Knoll

Deutsche Bundesbank
Wilhelm-Epstein-Straße 14
60431 Frankfurt am Main
Germany

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Institutional Affiliation: Deutsche Bundesbank

NBER Working Papers and Publications

December 2017The Rate of Return on Everything, 1870–2015
with Òscar Jordà, Dmitry Kuvshinov, Moritz Schularick, Alan M. Taylor: w24112
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.

Published: 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. citation courtesy of

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