Does the Failure of the Expectations Hypothesis Matter for Long-Term Investors
收藏NBER2003-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w10086
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资源简介：
We consider the consumption and portfolio choice problem of a long-run investor when the term structure is affine and when the investor has access to nominal bonds and a stock portfolio. In the presence of unhedgeable inflation risk, there exist multiple pricing kernels that produce the same bond
提供机构：
美国国家经济研究局
创建时间：
2003-11-01
