Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/120825
Authors: 
Duarte, Fernando
Rosa, Carlo
Year of Publication: 
2015
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 714
Abstract: 
We estimate the equity risk premium (ERP) by combining information from twenty models. The ERP in 2012 and 2013 reached heightened levels - of around 12 percent - not seen since the 1970s. We conclude that the high ERP was caused by unusually low Treasury yields.
Subjects: 
equity premium
stock returns
JEL: 
C58
G00
G12
G17
Document Type: 
Working Paper

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