Discussion: “The Worldwide Equity Premium: A Smaller Puzzle” and “History and the Equity Risk Premium”
“The Equity Premium: A Puzzle” by Mehra and Prescott had been in circulation for several years before it was published 20 years ago. I had the dubious honor of being a referee for one of the several journals that considered and rejected the paper before it was published. I anticipated that the paper would not be to the taste of the editor. However, I found the paper very interesting, so I devoted a fair amount of effort to writing a referee report persuasive enough to turn him around. I did not succeed in doing so.
Like many readers, the editor who sent the equity premium paper to me ...
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