The Equity Premium Implied by Production

Urban Jermann

NBER Working Paper No. 12487
Issued in August 2006

---- Acknowledgements -----

I am grateful for the comments received from seminar participants at the following locations: Wharton, UBC, BI School, Board of Governors, Federal Reserve Bank of Philadelphia, NYU, 2005 SED meeting, University of Chicago, UCLA, Carnegie-Mellon, HEC Lausanne, USC, Columbia University, and the University of Texas at Austin. In particular, I like to thank for comments from Andy Abel, Fernando Alvarez, Harjoat Bhamra, Joao Gomes and Stavros Panageas, and for research assistance from Jianfeng Yu. The most recent version of this paper can be found at http://finance.wharton.upenn.edu/~jermann/research.html

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