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Journal Article

The Rate of Return on Everything, 1870–2015

The Quarterly Journal of Economics

Authors

  • Jordà
  • Ò.
  • Knoll
  • K.
  • Kuvshinov
  • D.
  • Schularick
  • M.
  • Taylor
  • A.M.

Publication Date

DOI

10.1093/qje/qjz012

JEL Classification

D31 E44 E10 G10 G12 N10

Key Words

capital gains

dividends

household wealth

housing markets

Interest rates

rents

return on capital

risk premiums

yields

Related Topics

Monetary Policy

International Finance

Fiscal Policy & National Budgets

Financial Markets

What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive data set for all major asset classes, including housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new findings and puzzles.

Kiel Institute Expert

  • Prof. Dr. Moritz Schularick
    President

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