Items related to The Equity Premium Puzzle
The book presents a theory of a necessity to adjust money supply to account for productivity if deflation is to be avoided. The monetary agent (central banker) is a market participant who is not profit oriented and can create money at will, and thus not be subject to rational investor constraints. The monetary agent's power is similar to or greater than investor power in the market. Businesses leverage low interest rates enforced by the monetary agent to increase their activity, and growth rates, increasing employment to compensate for the reduced labor necessary to create the former level of goods and services. This leveraged difference in returns is the equity premium. Since productivity is a "rate" of production, even a one-time increase requires a corresponding permanent increase not in the money supply itself, but in the "rate of increase" of the money supply. Given the steady growth in productivity of the last 100 years, the world economy is now grossly under-stimulated and in danger of precipitous deflation. Both academic models and arguments based on historical events are presented, along with analysis of the meaning of money, investor behavior, and practical techniques for obtaining the equity premium in one's portfolio.
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Product Description:
The book presents a theory of a necessity to adjust money supply to account for productivity if deflation is to be avoided.
About the Author:
Robert Shuler combines 50 years investing experience with the knack for finding hidden principles of a successful rocket scientist with half a dozen patents and several dozen publications in fields ranging from economics (corporate risk compensation, the equity premium) to physics (inertia & quantum gravity). He lives in Texas with his wife Natasha.
"About this title" may belong to another edition of this title.
- PublisherTate Publishing
- Publication date2015
- ISBN 10 1681422522
- ISBN 13 9781681422527
- BindingPaperback
- Number of pages324
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