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...Also, there are cross-country differences in changes in the balance of class power: New York University’s Sydney Ludvigson has shown that these matter enormously for long-term returns....
...Sydney Ludvigson at New York University and colleagues have shown that most of the rise in the stock market since 1989 is due not to economic growth or to lower interest rates but to the rise in the profit...
...Consumer spending should depend upon households’ expectations of future economic conditions — a fact which has been confirmed by research at the Bank of England and by Martin Lettau and Sydney Ludvigson....
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