Baker, Dean; Delong, J. Bradford; Krugman, Paul R. - In: Brookings Papers on Economic Activity 36 (2005) 1, pp. 289-330
America is probably facing a slowdown in the rate of natural population increase and possibly a slowdown in productivity growth. We argue that, if these two factors depress the rate of future economic growth, one cannot assume that the past performance of asset returns is indicative of future...
