NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Long-run Bulls and Bears

Rui Albuquerque, Martin Eichenbaum, Dimitris Papanikolaou, Sergio Rebelo

NBER Working Paper No. 20858
Issued in January 2015, Revised in April 2015

---- Acknowledgments ----

We thank Gideon Bornstein, Benjamin Johannsen, and Victor Luo for superb research assistance. We benefited from the comments of Bernard Dumas and other participants in the Journal of Monetary Economics-Swiss National Bank-Study Center Gerzensee on Asset Price Fluctuations and Economic Policy. 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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