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A puzzle in macroeconomics is a situation where the outcome of theory is inconsistent with observed macroeconomic data.
An example might be the Equity premium puzzle which relates to the fact that over the last two hundred years, the risk premium of stocks over bonds has been around 5.5 %, much larger than expected from theory. Equity Premium Puzzle was first documented by Mehra and Prescot (1985).
List of puzzles
See also: Category:Economic puzzles
- Equity premium puzzle
- home bias in trade puzzle
- equity home bias puzzle
- consumption correlations puzzle
- Feldstein-Horioka puzzle
- International diversification puzzle
- Real exchange rate puzzles
- Retirement-consumption puzzle
- Missing trade puzzle, also known as Border puzzle
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