364                                                    13

     (equity premium)  , -
   (4),       
   .      2%  1802  1888 .,
     7% - ,    
 .  , . 13.4 ,    -
         
   .      -
      .

 13.4

	   ( %)	   ( %)	   ( %)
				
(1)		(2)	(3)	(2) - (3) = (4)
1802-	1990'	7,81	3,19	4,62
1802 -	1888'	7,52	5,62	1,90
1889 -	1978'	7,87	0,91	6,96
1979 -	1990'	9,44	2,73	6,71
1926 -	19932	9,09	0,49	8,60
1950 -	19932	9,29	0,92	8,37

' : Andrew B. Abel, The Equity Premium Puzzle, Federal Reserve Bank of
Philadelphia Business Review (September/October 1991), p. 8.

2 : . 1.1.

13.7.2      

,       -
       .   -
,        ,   -
 ,       . -
?          ,
      .

 13.6         
    1926  1993 .    ,   -
       .   , -
       0,02,    -
     ,     
       18.    -
          ,  
  ,  . ,    -
        ,    
,  19.       -
     .