Title: A test of the intertemporal asset pricing model
Description: "Restrictions that general equilibrium theory place upon average returns are found to be strongly violated by the U.S.  data in the 1889-1978 period.  This result is robust to model specification and measurement problems.  We conclude that equilibrium models which are not Arrow-Debreu economies are needed to rationalize the large average equity premium that prevailed during the last 90 years"--Federal Reserve Bank of Minneapolis web site.
Subjects: Rate of return, Mathematical models, Equilibrium (Economics)