The goal of this article is an estimate of the objective forward-looking equity risk premium relative to bonds through history - specifically, since 1802. For correct evaluation, such a complex topic requires several careful steps: To gauge the risk premium for stocks relative to bonds, we need...

The goal of this article is an estimate of the objective forward-looking U.S. equity risk premium relative to bonds through history mdash; specifically, since 1802. For correct evaluation, such a complex topic requires several careful steps: To gauge the risk premium for stocks relative to...