Notes |. Jeremy J. Siegel, Stocks for the 12. Carmen M. Reinhart and 25. Stephanie H. McCulla, Alyssa 39. David Byrne, Wendy Dunn and Long Run: The Definitive Guide Kenneth S. Rogoff, This Time E. Holdren and Shelly Smith, Eugenio Pinto, “Prices and to Financial Market Returns ls Different: Eight Centuries “Improved Estimates of the Depreciation in the Market for and Long-Term Investment of Financial Folly, Princeton National Income and Product Tablet Computers,” Federal Strategies, McGraw-Hill, 1994. University Press, 2011. Accounts: Results of the 2013 Reserve Board, December 2016. F F ” : ent Comprehensive Revision,” i Le 2. Lisa Beilfuss, “As Dow Nears 13. Alvin H. Hansen, “Capital Bureau of Economic Analysis, 40. Greg Ip. The Economy's Hidden 20000, Stock-Market Believer Goods and the Restoration of September 2013 Problem: We're Qut of Big Jeremy Siegel Gets a ‘Told Purchasing Power,” Academy of SUIS : Ideas,” Wail Street Journal, You So’ Moment,” Wall Street Political Science, 1934. 26. Paul Krugman, The Age of December 5, 2016. Joubert Wetcabele WN ZI 14. Alvin H. Hansen, “Economic alia heared eae 4. Johan Norberg, Progress: Ten 3. Throughout the text, “past- Progress and Declining MIT Press ‘aah ‘ Reasons to Look Forward to the WWII cycles” refers to Population Growth,” American ‘ : Future, Oneworld Publications, expansions beginning in Q2 Economic Review, 1939. 27. Lee Branstetter and Daniel 2016. 1954. We exclude two prior Sichel, “Seven Reasons to Be oe = : expansions, beginning in Q4 Ie eae Ht obi Optimistic About Productivity,” et ie wale 1945 and G4 1949, to ensure Remarks,” speech delivered at forthcoming The Innovation Illusion: How cone tenia atiaereseal| the Fourteenth Jacques Polak ; So Little Is Created by So : International Monetary Fund 28. Ibid. Many Working So Hard, Yale alleles set! Woveine yas Annual Research Conference University Press, 2016 the duration and strength Wasninatan! MC November, 29. Olivier Blanchard, “The State y ‘ : of recov