Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23435
Authors: 
Marekwica, Marcel
Maurer, Raimond H.
Sebastian, Steffen
Year of Publication: 
2006
Series/Report no.: 
Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting 169
Abstract: 
This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds and stocks for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). A macroeconomic multifactor model is used to examine a variety of different demographic factors from 1951 to 2002. There was no robust relationship found between shocks in demographic variables and asset returns in the framework of these models, which suggests that Asset Meltdown is rather fiction than fact.
JEL: 
G12
J14
G15
Document Type: 
Working Paper

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