In general, risk premiums across asset classes fell significantly in the past six months, but remain elevated, roughly consistent with prior recession periods. Some portion of the decline in premiums and the concomitant run-up in equity prices, for example, can be fairly ascribed to the abatement of tail risk that became apparent during the panic.
458-512. See also Michael Bruno and William Easterly (1996), "Inflation and Growth: In Search of a Stable Relationship (245 KB PDF)," Review, Federal Reserve Bank of St. Louis, May/June, pp. 139-46. 3/5  development slower when inflation is at 15 percent than when it is at 5 percent?