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\author{Jens Brink \\
        \small\textit{University of Copenhagen} \\
        \small Department of Economics
\and 
        Martin Nørgaard Petersen\thanks{Dedicated to my father Magnus Petersen (1956--2019).}\\
        \small \textit{University of Copenhagen} \\
        \small Department of Economics}


\title{What Explains the Increasing Gap between \\ Interest Rates and Return on Capital? \\
\vspace{0.35cm}
\Large Accounting for Macro-Finance Trends: \\ Cross Country Evidence
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}

\date{\vspace{0.25cm} \\
November 2019}

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\begin{abstract}
Over the past four decades interest rates have fallen remarkably reaching levels around zero in advanced economies. Meanwhile, the return on capital has maintained stable. Building on work by \textcite{farhi} we conduct an analysis of the increasing spread by augmenting a neoclassical growth model to incorporate risk and market power. We cover a wider set of developed economies and find that increasing risk and market power helps explain the widening gap between falling interest rates and stable returns on capital. 

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\textbf{Keywords:} Real interest rate, equity premium, return to capital, valuation ratios, price dividend, labour share, competition, markups, safe assets.
    
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\textbf{JEL classification:} A22, E13, E44, G12, Y10.
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\textsc{contributions:} \\ \medskip
\textbf{Jens Brink -- } Sections 2, 3.2, 5, 6.2 and 6.3 \\ \medskip
\textbf{Martin Nørgaard Petersen -- } Sections 3, 4, 6.1 and 6.4 \\ \vspace{0.33cm}
\textbf{Character Count:} 61.173 characters (25.5 np) 
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\appendix
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