Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
The concavity of the yield curve---the level of intermediate-term bond yields, relative to the average of short- and long-term bond yields---is a good proxy for the level of term premia.
Year of publication: |
2008
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Authors: | Viceira, Luis M. ; Sunderam, Adi ; Campbell, John Y. |
Institutions: | Society for Economic Dynamics - SED |
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