Equity Yields

This paper was previously circulated as: "A Term Structure of Growth." We thank Jerome Dominge and Sander van Zelm at BNP Paribas and Christian Mueller-Glissmann at Goldman Sachs International for providing us with the data. We are grateful to Michael Brandt, John Campbell, John Cochrane, George Constantinides, Darrell Duffie, Lars Hansen, John Heaton, Anil Kashyap, Bryan Kelly, Martin Lettau, Sydney Ludvigson, Hanno Lustig, Ian Martin, Emi Nakamura, Dimitris Papanikolaou, Jonathan Parker, Monika Piazzesi, Anamaria Pieschacon, Sergio Rebelo, Martin Schneider, Ken Singleton, Jon Steinsson, Costis Skiadis, Stijn Van Nieuwerburgh, Annette Vissing-Jorgensen, and seminar participants at APG Asset Management, Carnegie Mellon University, Chicago Booth, the European Finance Association, HKUST, INSEAD, McGill University, McIntire School of Commerce, the Minneapolis Fed, Northwestern University, NTU, NUS, Rotterdam School of Management, SED meetings, Stanford University, SITE 2011, SMU, the Stockholm School of Economics (SIFR), Tilburg University, University of Utah, University of Minneapolis, University of Sydney, and Yale University for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• September 14, 2011