Favero, Carlo A.; Tamoni, Andrea - In: CESifo economic studies : CESifo, a joint initiative of … 57 (2011) 1, pp. 25-43
This article illustrates how the information component determining long-horizon US stock market returns can be related to a demographic variable, MY the ratio of middle-aged to young adults. In fact, MY can be seen as the major determinants of a slowly evolving time-varying mean of the...
