horizontal and vertical innovation match financial data well due to countercyclical dividends which are either procyclical or … acyclical in US data. Countercyclical dividends redistribute income from consumption towards investment in innovation improving …) countercyclical dividends are the result of high monopoly markups. When markup is lowered from their benchmark 65 percent to 60 or 55 …

dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the …

to the end of 2017 can be attributed to higher actual and expected dividends. A general improvement in economic activity …