NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Very Long-Run Discount Rates

Stefano Giglio, Matteo Maggiori, Johannes Stroebel

NBER Working Paper No. 20133
Issued in May 2014

---- Acknowledgments ----

We thank Sumit Agarwal, John Campbell, Raj Chetty, John Cochrane, Xavier Gabaix, Bob Goldstein, Christian Gollier, Bob Hall, Barney Hartman-Glaeser, Mervyn King, Anil Kashyap, Amir Kermani, Ralph Koijen, Martin Lettau, Hanno Lustig, Tim McQuade, William Nordhaus, Arthur van Benthem, Jules van Binsbergen, Stijn van Nieuwerburgh, Monika Piazzesi, Tomasz Piskorski, Tarun Ramadorai, Amit Seru, Martin Weitzman as well as seminar participants at the NBER (Public Economics, Asset Pricing, Financing Housing Capital), Harvard (HBS and Department), Princeton (JRC Conference), Chicago Booth, NYU Stern, Adam Smith Conference (LBS/LSE/Oxford), UBC Winter Finance Conference, ASU Sonoran Winter Finance Conference, HULM Conference, and Notre Dame for helpful discussions. We gratefully acknowledge the generous research support from the NYU Stern Center for the Global Economy and Business as well as from the Fama-Miller Center and the Initiative on Global Markets at the University of Chicago Booth School of Business. We thank Brent Ambrose, Mihnea Constantinescu, Piet Eichholtz, Marc Francke, Thies Lindenthal, Niclas Sjölund, Nigel Stapledon as well as Trulia, iProperty, and Rightmove for sharing part of their data. We thank Miguel de Faria e Castro for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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