All variations in price-dividend ratios result from either movements in expected returns or expected dividend growth … movements in prices. I derive closed-form solutions for the relation between the persistency of dividend growth rates and the … ability of price-dividend ratios to forecast future dividends. For a constant risk premium, it is possible to match the low …

This paper revisits demographic dividend issues after almost 2 decades of debate. In 1998, David Bloom and I used a … has come to call the “demographic dividend.” These early estimates seem to be similar to those coming from more recent … overlapping generation models, when properly estimated. Research has shown that the demographic dividend is not simply a labor …

timely measures of uncertainty and expected growth across horizons. Asset prices, such as dividend futures and index options … by using new data on the prices of options on index-level dividends, from which we can compute implied dividend … about dividends. We construct a term structure of implied dividend volatilities that characterizes how uncertainty varies …