“New York Fed economists Fernando Duarte and Carlo Rosa are out with a new article on Liberty Street Economics titled, ‘Are Stocks Cheap? A Review of the Evidence.’ The answer: judging by the equity risk premium (ERP), stocks are about as cheap as they’ve ever been. The last time the Fed said something so bold was when in 2004 when NY Fed economists wrote that there was no housing bubble.”
http://www.economicpolicyjournal.com/2013/05/fed-economists-stocks-are-cheapest.html
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