Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

The views expressed here are those of the authors and do not necessarily represent those of the Federal Reserve Bank of Chicago, the Federal Reserve System, or the National Bureau of Economic Research. We thank participants in presentations at the Brookings conference, at the ECB 2018 research conference, SED 2017, SAET 2017, CEPR Asset-prices and the macroeconomy 2018, NBER Capital Markets and the Economy 2018, the 2018 San Francisco Fed financial research conference, at the Chicago and Minneapolis Fed, and in the Hoover Institute conference in honor of John Cochrane, for their comments. We especially thank Stefania d'Amico, Marco Bassetto, Bob Barsky, Gadi Barlevy, Jeff Campbell, John Cochrane, Lars Hansen, Monika Piazzesi, Martin Schneider, Sam Schulhofer-Wohl, Venky Venkateswaran, François Velde, our discussants Riccardo Colacito, Mark Gertler, Martin Lettau, Dimitris Papanikolaou, Matthew Rognlie, and Jaume Ventura, and the editors Jan Eberly and James Stock for their comments.

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• November 19, 2018