Federal Reserve Bank of New York/Pavel Ko




按照这种观点,股票市场飙升仅仅反映未来利润折扣降低。此外,除英国外,纵观全世界八大经济体,劳动力收入占利润份额似乎在 近数十年呈明显下降态势。反之,资本利润份额持续上行当然引发股价上涨(但股价在英美等劳动力收入占比至少开始周期性复苏且加息渐行渐近的国家依然保持了上升态势)。

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