stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the … coexistence of positive bond risk premiums and the negative stock-bond return correlation. We show that two distinctive shocks …---the technology and investment shocks---drive positive and negative stock-bond return correlations under two policy regimes, but …

stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the … coexistence of positive bond risk premiums and the negative stock-bond return correlation. We show that two distinctive shocks …—the technology and investment shocks—drive positive and negative stock-bond return correlations under two policy regimes, but …

stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the … coexistence of positive bond risk premiums and the negative stock-bond return correlation. We show that two distinctive shocks …-the technology and investment shocks-drive positive and negative stock-bond return correlations under two policy regimes, but …

, we find that when the income share of top earners in the U.S. rises, subsequent one year excess market returns …

current labor market conditions (as measured by labor market tightness or the job-finding rate) and future bond excess returns …