confidence, we would know how much correction was enough. That’s a reason to take depreciation theory seriously. Market-Valued Capital in Macroeconomics Another reason why macro should be reconceived from scratch is that its defining equations, written mostly over half a centu...
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Methodology Repatriation impact We estimated cumulative overseas profits for the S&P 500 excluding Financials and Real Estate via three sources: 1) Bloomberg data on cash held overseas (if disclosed/available}, 2) BofAML analyst estimates on cumulative overseas profits or cash,...