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A Contribution to Theory of Factor Income Distribution, Cambridge Capital Controversy and Equity Premium Puzzle
| Content Provider | Scilit |
|---|---|
| Author | Liu, Xiaofeng |
| Copyright Year | 2019 |
| Description | Journal: SSRN Electronic Journal Under very general conditions, we construct a micro-macro model for closed economy with a large number of heterogeneous agents. By introducing both financial capital (i.e. valued capital—equities of firms) and physical capital (i.e. capital goods), our framework gives a logically consistent, complete factor income distribution theory with micro-foundation. The model shows factor incomes obey different distribution rules at the micro and macro levels, while marginal distribution theory and no-arbitrage princi-ple are unified into a common framework. Our efforts solve the main problems of Cambridge capital controversy, and reasonably explain the equity premium puzzle. Strong empirical evidences support our results. |
| Related Links | http://arxiv.org/pdf/1911.12490 https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3494696 |
| ISSN | 10914358 |
| e-ISSN | 15565068 |
| DOI | 10.2139/ssrn.3494696 |
| Journal | SSRN Electronic Journal |
| Language | English |
| Publisher | Elsevier BV |
| Publisher Date | 2019-11-20 |
| Access Restriction | Open |
| Subject Keyword | Journal: SSRN Electronic Journal Profit Rate Capital Controversy Equity Premium Puzzle |
| Content Type | Text |
| Resource Type | Article |
| Subject | Public Health, Environmental and Occupational Health Psychiatry and Mental Health |
