This paper investigates the sources of time-varying risk and risk premia for both the U.S. stock and bond markets. Although a growing literature has emerged tha

The basic purpose of this paper is to investigate the sources of time-varying risk premia for both the U.S. stock and bond markets. In addition, we look at the

Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.

Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial